The Real Estate Regulatory Authority of each state manages all the property-related issues firmly and thus the industry experts in Madhya Pradesh feel that MPRERA i.e. the Madhya Pradesh Real Estate Regulatory Authority should open a bench in Indore. This will mark the permanent presence of the regulatory authority in the city as it will become easy to work along with the local bodies on various issues like stalled projects, the expert said.
Apart from the experts, both the developers and the legal experts feel that a permanent RERA body should have a bench in the Indore city to have full-fledged working inspite of the present scenario where only 2-3 members of the authority hear the issues thrice a month in the city.
The stakeholders also urged that MPRERA should expand its working area instead of penalizing the developers only. They also feel that the RERA authority should also play the role of a facilitator for initiating funds from banks for the stalled projects.
Anirudh Malpani, an advocate representing cases at RERA said that a permanent bench of members or authorizing officers should operate from Indore instead of one RERA team visiting to the Indore city thrice a month as this has slowed the work progress.
Recently, MPRERA also wrote a letter to the Central Government for equaling their power with the consumer forum for better and immediate implementation and compliance.
An executive member of Confederation of Real Estate Developers of India (CREDAI), Indore chapter said that RERA don’t have any other right beyond penalizing builders. In fact, RERA can prove beneficial to get quick approvals from the local bodies that delay over years and will also prove helpful to release funds from the banks as both these things will allow fast completion of the stalled projects. The member further said that all this will help both the prospects and to the developers.