The Real Estate (Regulation and Development) Act, if implemented with a positive approach, can boost the GDP of the country, industry body PHD Chamber said today. The Real Estate Regulation Act (RERA) came into force from April 1 with a promise of protecting the right of consumers and ushering in transparency. Today like GST, the RERA is another burning topic and these changes will have a positive impact for decades to come, PHD Chamber Vice-President Rajeev Talwar said at a conference. “RERA is yet another big step forward … its implementation in positive manner can boost the GDP of the country which dipped marginally in the previous fiscal,” he said.
He appealed the government to come out with a concept of ‘kick start loans’ for real estate developers, especially for those whose projects are stuck as also make a provisioning of a loan at the rate of 6 per cent for buyers that have invested their hard earned money in such projects so that their re- launch becomes conclusive.