Good news for buyers has been spread as a wildfire in realty sector. Central government of India has constituted an advisory body for Real Estate Regulatory Authority, which is “Central Advisory Council (CAC)”. The main purpose for setting up this body is providing proper protection to customers (homebuyers) with the right implementation of RERA across the country. This body will have the “Minister of State for Housing and Urban Affairs as the Chairperson with other 30 members in total.
A gazette notification mentioned that 8 members, who will be the part of council body, are from central government departments like; CEO of Niti Aayog, Secretaries of Ministry of Housing and Urban Affairs, Department of Revenue, Economic Affairs, Department of Industrial Policy and Promotion and Ministry of corporate Affairs. It will also consist of different Chairpersons of different states RERA like; Karnataka, Madhya Pradesh, Assam, Gujarat, Maharashtra. This council truly believes in preserving buyers faith in government system and this proves, as it consists Abhay Upadhyay, President, Forum for People’s Collective Efforts (FPCE) and Chairman of Federation of Apartment Owners’ Association who will represent homebuyers’ on the council. This forum won’t leave representative of real estate brokers and construction workers behind. Five states which are Haryana, Odisha, Uttar Pradesh, Tamil Nadu and National Capital Territory of Delhi will be represented in this council through their representatives. The list cannot be completed without including the Managing Director of National Housing Bank (NHB) and CMD of Housing and Urban Development Council in the CAC.