4 days ago
RERA can grade real estate promoters to increase credibility, feel industry experts
The Tamil Nadu Real Estate Regulatory Authority (TNRERA) could start grading the promoters based on their good practices, Jayaprakash Padmanaban, senior partner, Fox Mandal & Associates said at The Hindu Tamil Nadu Real Estate Summit 2025.
While speaking at a session on 'Policy to Prosperity: RERA, Ease of Doing Business & Regulatory Outlook', he said, grading the promoters will help the public. 'One of the critical aspects of RERA is to ensure the accountability and credibility of the promoters. They can also be incentivised for such practises. The list of promoters could be published, making the process transparent. It will also encourage people to follow good practices and will benefit the public significantly,' he said.
Sanjay Chugh, city head and director, ANAROCK Property Consultants Pvt. Ltd., Chennai, said, over the last eight years, RERA has been carrying out a fantastic job in Tamil Nadu by executing its regulatory role. 'Now, RERA can take on a larger role, like enforcing green building norms or safety audits. They could get more involved in sustainability. Now, RERA can spread its wings to a larger cause protecting home buyers,' he added.
With respect to redevelopment of apartments, Mr. Chugh said, the challenge the developer faces is that there is a lot of confusion within owners of properties about the issue. 'Developers spend a lot of time talking, engaging with them. Some of the projects take a long time for redevelopment. RERA can play an important role in educating, setting certain guidelines which one has to follow,' he said.
He noted that Chennai has potential for vertical growth and the time has come to focus on it.
Sridharan Swaminathan, chairman, Sabari and LYRA Properties Pvt. Ltd. and Executive Committee Member, CREDAI National, New Delhi, said, if a city has overgrown and has to grow further, then vertical development is the way forward. Otherwise, people must move to satellite towns.
'The focus should be on giving the best infrastructure available to the extended areas of the city. Greater concentration on infrastructure and transportation will make it a success. Now, Metro Rail is coming up on Rajiv Gandhi Salai. But if there is no Metro Rail connectivity to that area, then, commuting to OMR will be a nightmare,' he added.
Kunal Shankar, Deputy Business Editor, The Hindu moderated the event.
The event is presented by Casagrand and co-presented by G Square. The green energy partner is Swelect and the sports ecosystem partners are SDAT and Tamil Nadu Champions Foundation. The event is supported by CREDAI Tamil Nadu, Lancor, Namma Family Group. The strategic partner is MMA (Madras Management Association). The TV partner is Puthiya Thalaimurai and the digital partner is The Federal.
