The Business Bytes
TBB BUREAU
BHUBANESWAR, MAY 27, 2022
The Real Estate industry in India is still considered to be an unorganised sector that lacks transparency and accountability from promoters and developers especially due to the delays in project completion and in pre-decided schedules, thereby, leaving home buyers in a lurch. To lessen the plight of the consumers in the real estate sector, the Government introduced Real Estate Regulatory Authority (RERA) in 2016. The purpose of the Real Estate (Regulation and Development) Act was to balance the interests of all stakeholders, and to address multiple systemic issues that existed in the sector, said experts at a seminar on “LLP Amendment Act & RERA”, organised by the Bhubaneswar Chapter of The Institute of Company Secretaries of India (ICSI) here recently.
Speaking at the seminar, Odisha Real Estate Regulatory Authority Member (Administration) Pradeep Kumar Biswal said that with the introduction of the RERA Act, lakhs of home buyers are saved from fraudulence and harassment as the Act ensures that the interests of buyers of commercial and residential real estate units are protected. Highlighting various benefits of the Act, he suggested prospective customers to buy land or houses from RERA–registered realtors and projects.
Other speakers spoke about the Act that contains several provisions that address the lacunae in the real estate sector through strict liabilities for promoter irregularities.
New Delhi-based Company Secretary Divesh Goyal spoke about the LLP Amendment Act.
ICSI Bhubaneswar Chapter Chairman Jyotirmoy Mishra and Secretary Bimal Prasad Pattanaik also spoke on the occasion.
SOA Deemed to be University Vice Chancellor Prof. (Dr.) Ashok Kumar Mahapatra, who graced the programme as chief guest, laid emphasis on quality, skilled, new innovation, holistic development and practical knowledge-based education. Complimenting the ICSI for their dedicated services towards nation building, he also stressed on NEP, machine learning and artificial intelligence.
ICSI Central Council Member Sandip Kumar Kejriwal who was the Guest of Honour, spoke about various new initiatives of ICSI for the members and students of the Institute. He also spoke about the services being provided by Company Secretaries in practice as well as service for the corporate sectors and the society.
