Move to regain real estate credibility

KOCHI: Following the Apple A Day scam that left more than 800 customers cheated and homeless, the Confederation of Real Estate Developers Association of India - Kerala (CREDAI) will pressurise the Union Government for implementing the Real Estate Regulatory Authority (RERA), in order to rebuild people's trust in the sector."Although credible builders have not been affected due to the scam, many small-scale builders are bearing the heat. The RERA will protect the interests of residential apartment customers from real estate mafia," CREDAI-Kochi president Najeeb Zackeria said.He said that the RERA Bill was expected to be presented in Parliament by August or September.  Investments in real estate are usually made by the common man using all his earnings and there are several instances in which they get cheated. The new Bill will evolve procedures supported by law, to ensure the safety of the common man. The RERA will ensure transparency in deals and new projects. All real estate projects should have the mandatory clearance from the RERA after careful scrutiny from all angles of feasibility and successful implementation. The RERA should be furnished with all details of the project credibility of the promoter as well as the availability of resources with the promoter to deliver the project in a time-bound schedule. Zackeria said the CREDAI had a grievance cell that settled customers' complaints. Bookings are still continuing with the credible builders who are members of the CREDAI and non-members. "Now customers are very cautious while booking an apartment and they are taking more time to check the credibility of the builders. Looking into details of builders will prevent customers from being misled and cheated and ensure that the apartment is delivered on time," he said. "The RERA can take action against the builder who violates the prescribed norms. The authority will generate the trust and confidence amongst the customers giving a healthier look to real estate scenario," he said.The real estate industry in the state is supported by several other industries and a healthy atmosphere will help change the state economy. Employment opportunities in the state too will increase.