Real Estate Act implementation to be sector-friendly

Vijayawada: “Andhra Pradesh Real Estate Regulatory Authority (APRERA) is keen to implement the Real Estate Act in an amicable way,” says Ramnath Velamati, chairperson of Andhra Pradesh Real Estate Regulatory Authority (APRERA).

He was addressing the representatives of National Real Estate Development Council (NAREDCO) in his office here on Thursday.

NAREDCO requested a few important changes in the process of implementing RE Act with the main apprehension being ‘the model sale agreement.’

There are several grey areas in the Real Estate Act, which are needed to be clarified, NAREDCO said.

An elaborate discussion was held between the NAREDCO representatives and APRERA team. Dr P R Swarup, chief advisor of APRERA along with members Dr Mullapudi Renuka, Chandu Sambasiva Rao and Viswanath Sistla was present in the discussion.

They have noted down the apprehensions and advices of NAREDCO and promised to bring on the changes which are not against the spirit of Real Estate Act.

“Practical difficulties will be taken into notice, but the spirit of the law can’t be diluted,” says Ramnath Velamati.

NAREDCO was represented by GTL Tirupathi Rao, GGV Prasad, Mallikarjuna Rao, Kiran and Sambasivarao and others.