Latest news with #RealEstateRegulatoryAuthority
Daily News Egypt
14 hours ago
- Business
- Daily News Egypt
Egypt urged to establish real estate regulatory authority to boost market transparency, attract FDI
Mohamed Fouad, real estate expert and member of the British Egyptian Business Association (BEBA), has urged the urgent establishment of an independent Real Estate Regulatory Authority (RERA) in Egypt. He emphasized that such a body, modeled on successful international experiences in countries like the UAE and India, is crucial for creating a structured and transparent legal framework for real estate transactions. Fouad explained that RERA plays a central regulatory and legislative role in mature markets. It safeguards the interests of buyers, investors, and developers by issuing licenses, enforcing compliance, ensuring transparency, and overseeing project implementation according to approved timelines and budgets. 'In markets witnessing rapid urban expansion and increasing investment flows—such as Egypt—an independent regulatory authority is no longer optional; it's a strategic necessity,' Fouad stated. He highlighted that the absence of a unified regulatory entity in Egypt has led to overlapping roles between institutions, resulting in delivery delays, contractual disputes, and inconsistent enforcement. A RERA-style authority, he said, would bring order to the sector by clearly defining the roles and responsibilities of key stakeholders: the government, developers, and buyers. Such a body would also bolster investor confidence, both local and international, by ensuring accountability and reducing risks. Regulatory oversight would include developer classification based on financial and technical criteria, stricter controls on marketing and advertising, and protection of buyers from fraudulent or stalled projects. Fouad cited Dubai's RERA as a global benchmark, noting how it has transformed the city into a trusted international hub for real estate investment. He also pointed to India's experience, where the implementation of RERA reduced legal disputes by over 60% in its early years. Without an independent authority, Fouad warned, the Egyptian real estate market remains exposed to mismanagement, undermining its attractiveness to foreign investors—particularly Egyptians living abroad who demand a clear, reliable legal framework. He proposed that the new Egyptian RERA be established under the Prime Minister's office or the Ministry of Housing, in cooperation with the Central Bank of Egypt and the Financial Regulatory Authority. It should have wide-ranging legal and supervisory powers, including dedicated departments for licensing, compliance, evaluation, and dispute resolution. Fouad also stressed the importance of launching a unified digital platform to centralize information on licensed real estate projects. This platform would provide real-time updates on implementation status, developer credentials, licensing and contract details, and facilitate electronic applications and transactions—supporting Egypt's broader digital transformation strategy. In conclusion, Fouad reiterated that the creation of a Real Estate Regulatory Authority in Egypt is a national imperative. It is key to achieving transparency, safeguarding stakeholders' rights, and turning the Egyptian real estate market into a sustainable, globally competitive investment destination capable of attracting foreign currency and exporting real estate.
India Gazette
4 days ago
- Business
- India Gazette
PM Modi reviews Rs 62,000 crore infra projects, urges timely completion in PRAGATI meeting
New Delhi [India], May 29 (ANI): Prime Minister Narendra Modi chaired the PRAGATI meeting, the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, involving Centre and State governments, to review critical infrastructure projects and governance initiatives, according to an official release. During the meeting, which took place on Wednesday, PM Modi assessed three major infrastructure projects worth over Rs 62,000 crore in the sectors of Road Transport, Power, and Water Resources, spanning multiple States and Union Territories. The Prime Minister also took to X today and said, 'Chaired a PRAGATI meeting yesterday, where projects worth over Rs. 62,000 crore were reviewed, covering diverse sectors like roads, power, water resources, semiconductors and more. Emphasised on ensuring all infra projects are completed on time. Also deliberated on RERA-related grievances. It's our Government's priority to ensure justice for homebuyers.' Highlighting their strategic importance, he urged stakeholders to address implementation challenges and ensure timely completion, warning that delays lead to cost overruns and deprive citizens of essential services. The Prime Minister stressed the need for efficiency and accountability to maximise socio-economic benefits, emphasising that timely delivery remains a priority. Highlighting the adverse impact of project delays, Prime Minister reiterated that such setbacks not only inflate costs but also deprive citizens of essential services and infrastructure. He urged all stakeholders to prioritise efficiency and accountability, stressing that timely delivery is critical to maximising socio-economic outcomes. In a review of public grievances related to the Real Estate Regulatory Authority (RERA), PM Modi called for improved quality and timeliness in grievance redressal to ensure justice and fairness for homebuyers and directed State Governments to enforce mandatory registration of all eligible real estate projects under the RERA Act, underscoring that strict compliance is essential to rebuild trust in the housing sector, the release stated. The Prime Minister also examined best practices in India's Semiconductor Ecosystem, noting their potential as a model for broader adoption across States and Union Territories to bolster the National Semiconductor Mission. As of the latest PRAGATI meetings, a total of 373 projects worth approximately Rs 20.64 lakh crore have been reviewed, reflecting the platform's pivotal role in driving governance and infrastructure development. (ANI)
Time of India
4 days ago
- Business
- Time of India
PM Modi reviews Rs 62,000 crore infra projects, urges timely completion in PRAGATI meeting
Prime Minister Narendra Modi chaired the PRAGATI meeting , the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, involving Centre and State governments, to review critical infrastructure projects and governance initiatives, according to an official release. During the meeting, which took place on Wednesday, PM Modi assessed three major infrastructure projects worth over Rs 62,000 crore in the sectors of Road Transport , Power, and Water Resources, spanning multiple States and Union Territories. The Prime Minister also took to X today and said, "Chaired a PRAGATI meeting yesterday, where projects worth over Rs. 62,000 crore were reviewed, covering diverse sectors like roads, power, water resources, semiconductors and more. Emphasised on ensuring all infra projects are completed on time. Also deliberated on RERA-related grievances. It's our Government's priority to ensure justice for homebuyers." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unsold Camper Vans 2025 in Ireland! See Prices Now! RV, Camper & Motorhomes | Search Ads Search Now Highlighting their strategic importance, he urged stakeholders to address implementation challenges and ensure timely completion, warning that delays lead to cost overruns and deprive citizens of essential services. The Prime Minister stressed the need for efficiency and accountability to maximise socio-economic benefits, emphasising that timely delivery remains a priority. Live Events Highlighting the adverse impact of project delays, Prime Minister reiterated that such setbacks not only inflate costs but also deprive citizens of essential services and infrastructure. He urged all stakeholders to prioritise efficiency and accountability, stressing that timely delivery is critical to maximising socio-economic outcomes. In a review of public grievances related to the Real Estate Regulatory Authority (RERA), PM Modi called for improved quality and timeliness in grievance redressal to ensure justice and fairness for homebuyers and directed State Governments to enforce mandatory registration of all eligible real estate projects under the RERA Act, underscoring that strict compliance is essential to rebuild trust in the housing sector, the release stated. The Prime Minister also examined best practices in India's Semiconductor Ecosystem, noting their potential as a model for broader adoption across States and Union Territories to bolster the National Semiconductor Mission . As of the latest PRAGATI meetings, a total of 373 projects worth approximately Rs 20.64 lakh crore have been reviewed, reflecting the platform's pivotal role in driving governance and infrastructure development. (ANI)
Hans India
4 days ago
- Politics
- Hans India
Modi reviews projects' progress
Amaravati: Prime Minister Narendra Modi held a video conference from Delhi on Wednesday to review the progress of various projects across the country with Chief Secretaries of all States. During this meeting, Modi is specifically reviewing Real Estate Regulatory Authority (RERA) matters, Ayushman Bharat Health Infrastructure Mission programme, the progress of national highways currently under construction, the advancement of Rajasthan Atomic Power Project, the progress of the Odisha Integrated Anandapur Barrage Project, the broader topic of the semiconductor ecosystem in India. From Delhi, the Prime Minister was joined by high-ranking officials from relevant departments and projects. Representing Andhra Pradesh, Chief Secretary K Vijayanand, MT Krishnababu, Special Chief Secretary, State Medical, Health & Family Welfare Department Suresh Kumar, Principal Secretary, State Municipal Administration & Urban Development Department, Katamaneni Bhaskar, Secretary, I.T.E. & C Department and other officials participated in the video conference.
Indian Express
4 days ago
- Business
- Indian Express
PM Modi to RERA heads at PRAGATI meeting: Must register all projects, act on buyers' complaints
Asking state governments to ensure the mandatory registration of all eligible real estate projects under the Real Estate Regulatory Authorities Act, Prime Minister Narendra Modi has asked all Chief Secretaries to monthly monitor activities of RERAs in their respective states so that grievances of homebuyers are resolved on time, The Indian Express has learnt. The Prime Minister's directive came during a PRAGATI (Pro-Active Governance and Timely Implementation) meeting held via video conference on Wednesday. During the meeting, the PM also highlighted that Uttar Pradesh's share in the proportion of registered projects in the country is just 2.5 per cent in Uttar Pradesh, while its share in complaints is about 18 per cent. He asked the state officials to ensure that more and more real estate projects are registered under RERA in UP. In a statement, the Prime Minister's Office said: 'During a review of public grievances linked to the Real Estate Regulatory Authority (RERA), the PM emphasised the need to improve the quality and timeliness of grievance disposal to ensure justice and fairness for homebuyers. He asked state governments to ensure the mandatory registration of all eligible real estate projects under the RERA Act. The PM emphasised that strict compliance with RERA provisions is critical for restoring trust in the housing market.' Meanwhile, Uttar Pradesh Chief Secretary Manoj Kumar Singh, who attended the PRAGATI meeting, issued some directions to development authorities in his state. He is learnt to have asked all the local development authorities to review within three days the status of 10 oldest real estate projects in their jurisdiction, which have not been delivered till date. Singh has also called a meeting with representatives of National Real Estate Development Council (NAREDCO) and Confederation of Real Estate Developers Associations of India (CREDAI) on June 3. During the meeting, the PM reviewed three major infrastructure projects with a cumulative cost of over Rs 62,000 crore, spanning the sectors of Road Transport, Power, and Water Resources located across various States and UTs, as per the PMO statement. 'Emphasising the strategic importance of these projects, he called for concerted efforts to overcome implementation bottlenecks and ensure their timely completion,' the statement said. 'Highlighting the adverse impact of project delays, the PM reiterated that such setbacks not only inflate costs but also deprive citizens of essential services and infrastructure. He urged all stakeholders to prioritise efficiency and accountability, stressing that timely delivery is critical to maximising socio-economic outcomes,' it added.
