With changing times, lot of technical advancement is happening in real estate sector and maximum utilization of the advancements will set the direction of real estate sector, said head of MP Real Estate Regulatory Authority (Rera) on Friday. “These changes or technical advancement may be a challenge for developers but need of the hour to accept these changes to achieve growth,” Rera chairman Anthony De Sa said on Friday at a seminar on ‘Amendments in RERA’ conducted by Institute of Chartered Accountant Indore branch.
De sa said the aim of Rera is to ease and smoothen real estate market by bringing transparency and responsibility.
Addressing realtors and chartered accounts, he said, “Through Rera, we aim to increase investment in real state sector and protect rights of consumers. Higher investment in the sector will help in recovering from the tough phase.”
Rera chairman said chartered accountants also play an important role in ensuring the norms are followed and true documents are submitted by developers. He said a new format for developers report has been drafted by authorities after suggestions from chartered accountants.
“The pace of any project will be monitored on basis of quarterly return that shall be attested by chartered accountant,” said De Sa.
In Rera, audit of accounts is mandatory for developers. He said as per Section 4(2), it is the role of chartered accountant to check that money received from a particular project is spent only on that project and debit from the account is in accordance with site expenses.
CA should collect all information about project well in advance from developer before handing over certificate to authorities. Institute of Chartered Accountant Indore branch chairman Abhay Sharma said, “Rera has been implemented since past 21 months but still there is lack of awareness. For smooth implementation of real estate act it is important that people are fully aware of their rights and role of Rera that it plays in regulating real estate market.”