Nagpur: Real Estate Registration Act (RERA) is implemented by the Government to bring under control the transactions under the Real Estate Market so that there should be not only Financial Discipline but also bring in transparency where money of common man is at stake. The role of RERA is same as of Hallmarking in gold which give confidence to the buyer to purchase the product said Girish Joshi, Jt Secretary, Maharashtra RERA.
He was talking as a Chief Guest at the Half Day Seminar on Real Estate Regulation Act organized by Nagpur Branch of ICAI. Everyone is serious in understanding the importance of this law as well as the consequence of non compliances. The State Government has issued various FAQ’s which will guide the stake holders to understand the law more effectively. In the recent times there were various cases in Real Estate Market, where customers were not given the property as per agreed terms. Due to which such law was the need of the hour for the protection of interest of consumers. Under this Law, Chartered Accountants need to play a very important role as they have to certify various things. The Law has given a very big responsibility to the Chartered Accountants and we are sure that they will duly help us to bring in more transparency and compliance. They will have to work as the extended hands of the Act for better compliance. He added that honest people and people who follow ethics will not find any problem in complying with the Law.
Earlier, Regional Council Member CA. Abhijit Kelkar mentioned that the Chartered Accountants are shouldering the responsibility to implement various new Acts. Under Real Estate Regulation Act, we have to certify many things and we should be vigilant before issuing any certificate and for that proper understanding of the Law is must. With the vast changing laws various new challenges are introduced which we should accept with an assurance for better compliances.
Chairman of Nagpur Branch of ICAI, CA. Sandeep Jotwani in his welcome address mentioned that in the recent times with number of new enactments by the Government, Chartered Accountants have to take lot of efforts to understand and also to create awareness for better compliance at the ground level. Under RERA new responsibilities are reposed on all of us and it is our duty to understand the law and to help the Government to restore the confidence of consumers in the real estate sector by establishing transparency and accountability. It is very important that being the new enactment we need to updated for which this program is organized.
CA. Ramesh Prabhu, Senior Chartered Accountant from Mumbai guided the members on various practical issues being faced under the Real Estate Regulation Act. He also shared some practical cases to have a better insight over the subject.
CA. Kirit Kalyani Treasurer of the Branch co-ordinated the program whereas Secretary CA. Suren Duragkar proposed formal vote of thanks.
Prominently present on the occasion were District Deputy Registrar S.L Bhosale, CA. Umang Agrawal, CA. Swapnil Ghate, CA. Jiten Saglani, CA. Sanjay M. Agrawal and members in large numbers.