Implementation Of Real Estate Regulation & Development Act, 2016 (RERA) To Bring In Greater Accountability To Real Estate Sector, With Widespread Benefits From Professional Home Inspection Services

Bolly Tolly News,Kolkata,26th October,2017 : The real estste sector is undergoing a see change with greater transparency and accountability, thanks to the implementation of the Real Estate Regulation & Development Act, 2016 (RERA). Homes handed over to buyers will now have greater quality control and better construction thanks to the purview of this act. Home-buyers will now be able to rest easy, knowing that smaller unscrupulous builders or even some larger organised developers will not be able to take them for a ride anymore. In the long run, the establishment of a regulator will prove beneficial for the sector. With investor confidence returning, resulting in greater institutional capital inflows in the long term, the segment is expected to be in revival mode.

Realtors & Estate Consultants Association (RECA) in association with MACJ — A Buyers Choice Home Inspections today organised a seminar on the implementation of this Act, and its implications on the real estate agents and the overall benefits of professional home inspection services. The seminar comes in the backdrop of West Bengal preparing for increased regulatory vigilance under RERA
RERA became effective on 1st May, 2017 in the country, and each state and Union Territory will have its own Regulatory Authority (RA) which will frame regulations and rules according to the Act. Home inspection in America is a multi-billion dollar industry, and over 80% of the homes sold / bought are inspected before the transaction. It is now an industry that is also catching on in India.
“Most realtors in the USA advise their customers on getting their home inspected and as per research, realtors have mostly not had any sellers’ deal terminated as a result of a home inspection. The implementation of RERA will further boost the development of the home inspection services industry in India, and will develop into an organised industry bringing together stakeholders, developers, real estate agents, and home buyers onto a common plafform,” said Mr. Mahendra Sureka (Founder-CEO, MACJ — A Buyers Choice Home Inspections, India). MACJ,. India had in 2016 collaborated with the leading US MNC A Buyer’s Choice Home Inspections (ABCHI) to pioneer professional home inspection services in India for the first time. A Buyer’s Choice (ABCHI) was started in the mid-2000s by Bill Redfern,

n the home inspection franchise in USA and Canada, presently having 200 franchises spread across 19 countries on a path to become the world’s largest home Inspection company. Mr. Heera Lal Bagra, city-based realtor and past President, National Association of Realtors – India, said that in more developed markets, realtors need to register and be certified, in order to facilitate a real estate transaction.
Speaking at the occasion, leading city-based developer, Mr. Dileep Singh Mehta (Chairman, Multicon Group) said, “Home Inspection Services as a pre-delivery mechanism will act as an important security layer for the consumers as also provide real time report to the Real Estate Developers for ensuring quality control on the work done by appointed contractors/workmen, thus eliminating consumer disputes to a great extent. It will also act as a cushion of comfort to the Home Loan providers, particularly in regard to the asset quality. So what we have conceived as a health check of buildings on a macro front two decades ago is now translating itself into a micro level activity for the benefit of the consumers at just the right time when Housing Industry Regulatory Authority (IRA) is scheduled to kick off shortly. As usual, Kolkata will be the front-runner for implementing the novel concept.”

“Most of states and Union territories have so far notified the rules. The states that have notified include Andhra Pradesh, Bihar, Chhattisgarh, Delhi, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, Andaman and Nicobar, Chandigarh Dadra and Nagar Haveli, Lakshadweep, Puducherry, Daman & Diu, Lakhsya deep. Other states are expected to come out soon with their own rules. In West Bengal Draft Rules have been made and The West Bengal Housing Industry Regulation Bill 2017 was passed by the state assembly, on August 16, 2017 – we expect the housing department to work towards enforcing the Act soon to address the concerns of real estate industry stakeholders.” Mr. Sureka further added.

Mr. Anup Dalmia, President of RECA said, “This seminar will go a long way in creating awareness, the agents will have a much larger and responsible role to perform and it will bring in professionalism in the sector.” According to Mr. Ajit Kr Jain, leading city-based interior designer / architect, h6rne inspections are already being carried out for customers. MACJ India has been co-promoted by Mr. Mahendra Sureka and Mr. Arvind Kumar Bhotica along with investor industrialists, Mr. Ravindra Chamaria, Infinity Group and Mr. Kamal Prakash of Jiwanram Sheoduttrai Group. MACJ-ABCHI has started operations in Kolkata, Mumbai and Pune and is in the process of opening offices in Chennai and Delhi through the franchise model route.