RERA working to ensure transparency, protect homebuyers: Chairman

Real Estate Regulatory Authority Chairman Aare Siva Reddy on Wednesday said the authority is taking steps to enhance transparency and accountability in the real estate sector while safeguarding the interests of homebuyers.

Addressing an awareness programme on the Real Estate (Regulation and Development) Act, 2016, he said the initiative was part of a statewide effort to familiarise stakeholders with the provisions of the legislation.

Mr. Siva Reddy noted that the State government had recently constituted AP RERA with full membership. He added that the Act had been designed to be user-friendly for all stakeholders while ensuring protection for consumers.

He clarified that all projects exceeding 500 square metres or comprising more than eight units must be registered under RERA. Promoters, he said, are required to clearly incorporate all commitments made to buyers in the agreement, warning that action would be taken on complaints in case of non-compliance.

Cautioning against unauthorised and unregistered projects, he said stringent measures would be enforced to curb such practices. He also indicated that a ranking system was under consideration to recognise promoters who adhere to quality standards and build consumer trust.

Real estate agents were advised to register under RERA without exception.

Earlier, Director G.V.G.S. Varaprasad explained the key provisions of the Act. Builders, architects, lawyers, and auditors participated in the programme in large numbers.