Realtors are appealing for government revisions to the Real Estate Regulation and Development (RERA) Act of 2016 and the TS RERA portal to enhance transparency and expedite approvals. Naredco Telangana's president Sunil Chandra Reddy requested the central government to consider reducing penalties from 10% to 5% for unregistered RERA projects at a RERA conclave organised by the National Association of Realtors in Hyderabad. He also suggested that government agencies become RERA stakeholders to facilitate quicker approvals and proposed the introduction of a title guarantee scheme and robust title insurance for buyer and developer confidence.
Managing Director of Ramky Estates & Farms Limited, Nanda Kishore pleaded to the state government to establish a dashboard on the RERA Telangana portal, offering information about developers and projects for transparency and monitoring.
Chairman of TS RERA N. Satyanarayana gave stress on the importance of strict compliance with RERA registration for real estate dealers and agents. He also pointed out the need for transparency in construction progress and accountability, with construction defects being the builder's responsibility and disputes resolved through the appellate tribunal. As its conclusion it appeared that all real estate agents should have registered with RERA at any cost to ensure the complete protection of buyers from fraudulent attacks.
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