Mysore/Mysuru: Chairman of Karnataka Real Estate Regulatory Authority (K-RERA) Rakesh Singh, has said that, most are aware of the essentiality to bring in amendments to Real Estate (Regulation and Development) Act-RERA Act, 2016 and the fundamentals are being prepared in this regard.

He was addressing the gathering at one-day seminar on RERA Act, organised under the joint auspices of K-RERA and Confederation of Real Estate Developers Associations of India (CREDAI) Mysuru chapter, at MBCT Hall, Akka Mahadevi road, Vishweshwaranagar in the city yesterday.

Appealing the gathering of layout builders and developers, Singh said, any suggestions, which are felt conducive for the development of the realm, are welcome. The reforms will be brought in, with the help of stakeholders soon. Many are aware of the pressing need to bring in changes to RERA Act, that was formulated seven to eight years ago. Be it any Act, suitable changes are essential in relevance with changing times, he felt.

“The contribution of real estate industry to the growth of Gross Development Product (GDP) of the country is growing by an average of 2 to 3 percent year on year, with the current contribution to GPD in the range of average 12 to13 percent. Real estate industry, is rated as the second biggest employment generating sector, after agriculture. Many have found jobs either directly or indirectly. Being the major backbone of urbanisation, the real estate sector is helping in fulfilling the dreams of many Indians, in owning a house,” said Singh.

Deputy Commissioner G. Lakshmikanth Reddy said, despite the setbacks suffered by the real estate sector, due to the handing over of layouts, e-khata and the upgradation of Mysuru City Corporation (MCC) to Grade-1 MCC (Greater MCC), it is indeed surprising to note that, 10,000 to 15,000 sites are being developed every year.

“Following the delay in handing over of the layouts developed 25 years ago, it was not possible to provide basic amenities to the people. Over 1,000 layouts and one lakh khatas, that were with MUDA, were transferred to several local bodies, that have been yielding numerous benefits,”        said DC Reddy.

Secretary of K-RERA Dr.H.R. Shivakumar, gave a Power-Point-Presentation (PPP) on RERA Act and real estate sector.

MCC Commissioner Shaikh Tanveer Asif, CREDAI, Mysuru Chapter Chairman Harish Shenoy and Secretary Dr. Nagaraj V. Bairy were present.