With an aim to boost the confidence of customers and bring in more transparency in the real estate sector, Chief Minister Pinarayi Vijayan launched the Kerala Real Estate Regulatory Authority (K-RERA) here on Wednesday.
"It is just because of a handful of realtors who divert from good practice and indulge in illegal ways to mint money that the whole sector sometimes get a black mark. We have heard terms like the real-estate mafia," Vijayan said at the official launch event.
"It is the greed of a few that are spoiling the market. With the Real Estate Regulatory Authority (RERA) in place, there will be more transparency and credibility. It will also help to redefine the promoter-buyer relationship in the sector, " he added.
The Kerala Chief Minister further said that the real-estate sector has seen tremendous growth in the country in the last decade.
"It also helped the middle class realize their housing needs. With an effective regulatory mechsm, the real estate sector is poised to grow more instilling confidence in home buyers," he said.
Passed by the Parliament, the Real Estate (Regulation and Development) Act, 2016, had directed the state governments to establish RERA for effective regulation of the real estate sector and also for speedy dispute redressal.
As per the Act, buildings with more than eight apartments and real estates projects with 500 square metres of land or more will have to be registered with RERA.
( With inputs from ANI )