Delhi RERA chief warns real estate developers (About investors Trap)

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    Real estate developers need to watch out for investors who might disrupt their finances and cause their projects to stall, according to Anand Kumar, chairman of the Real Estate Regulatory Authority for NCT of Delhi and Chandigarh. Kumar warned that if developers don’t deal with such investors, it could mess up their financial plans and lead to unfinished projects. He advised developers to seek help from RERA if they face issues with investors not paying on time, as RERA can assist in canceling allotments if needed.

    Kumar also emphasized the importance of tackling unauthorized developments, stating that regulating them could significantly increase housing availability. Sanjay Kulshrestha, chairman and managing director of HUDCO, suggested that developers should explore opportunities in smaller cities and towns to build affordable housing, especially with government initiatives like the PM Awas Yojana aiming to construct millions of affordable homes.

    Neel C Raheja, Chairman of CII National Committee on Real Estate and Housing, highlighted the sector’s role as a major employer and its potential for growth. Sriram Khattar, Vice Chairman and Managing Director of DLF Rental Business, noted India’s emergence as a global office hub and the positive trends in the real estate market in 2023.

    Overall, the speakers stressed the importance of skill development in the real estate sector and the need for collaboration among industry stakeholders to address challenges such as skill shortages and ensure sustainable growth.

    Also read: Indian Real Estate Market Set to Hit $1.5 Trillion by 2034: Knight Frank

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