Municipal Administration Minister Narayana said that the government was committed to redressing the issues of the real estate sector. Speaking at a media conference held in Vijayawada, he said the challenges faced by the previous administration were being tackled systematically. He said a committee would be constituted to study and redress such issues by drawing lessons from the best practices elsewhere.
The minister emphasized that RERA plays a significant role in protecting consumer interests. "RERA is ensuring that agreements between builders and consumers are properly executed," he said. Moreover, RERA has been asked to take action on recent complaints to maintain accountability in the sector.
The Minister revealed measures adopted to put a check on malpractices regarding the distribution of Transfer of Development Rights (TDR) bonds. "We have put an end to issuing TDR bonds in Tanuku because of alleged malpractices. Inquirys from Anti-Corruption Bureau regarding TDR bonds already issued in Tanuku, Guntur and Tirupati are on.
Statewide, 822 TDR applications are pending, with 521 new submissions—most from Visakhapatnam. TDR bonds also are being issued in Amaravati while adhering to the legal framework.
This will help in easing processes in the real estate sector. Minister Narayana announced the online release of RERA permissions. He said this with the aim of increasing efficiency and transparency. "The ultimate goal is to ensure that the real estate sector operates smoothly across the state," he concluded.
