Gurgaon: HRERA to protect buyers, says finance minister, asks builders to pay EDC

The finance minister said Haryana Real Estate Regulatory Act (HRERA) will safeguard the interests of all stakeholders

The Haryana government on Saturday assured buyers and developers that the proposed Haryana Real Estate Regulatory Act (HRERA) would be on an even keel and there would be no compromise on the spirit of the regulation.

Finance minister Captain Abhimanyu (left) inaugurates the Invest Haryana summit on Saturday. (Sanjeev Verma/HT PHOTO)

Addressing the Invest Haryana summit organized by NAREDCO, state finance minister Captain Abhimanyu Singh appealed to the builders to meet the legitimate aspirations of the homebuyers and follow guidelines as prescribed by the state.

When questioned about the slow development of infrastructure in Gurgaon, the finance minister categorically told the captains of the real estate industry that they should deposit the pending external development charges to the tune of ₹17,000 crore. “The money is needed for the development of infrastructure in the city. Unless developers deposit the money, things can’t move forward. I assure that if the money is paid, the government would also pitch in with additional resources for the development of the city,” Capt. Abhimanyu said.

While referring to the apprehensions of the apartment buyers regarding dilution of RERA in Haryana, the minister said that the Act would take the interests of all stakeholders into account. “The regulator would become a facilitator for the homebuyers and the industry as opposed to being obstructionist,” he said.

Read I Gurgaon homebuyers reject ‘pro-builder’ RERA in its present form

He however made it clear that the first and topmost priority of developers should be to satisfy and serve the legitimate requirements of the buyers and that there should not be any compromise on that. He said the government would extend full support to all stakeholders with regard to meeting this objective.

The minister also announced that KMP expressway project would be completed within the next 365 days and the number of lanes would be increased to six. He also said that there is a proposal to set up an international airport in Hissar and the state government is in advanced discussion with the Centre on this.

Speaking on the occasion, ACS Finance and Planning, P Raghvendra Rao said all possible attempts are being made for the enactment of RERA in the state and necessary consultations are in progress with regard to the same. The Act would make all real estate transactions in the state transparent and clean, he added.

President, NAREDCO Haryana, Parveen Jain said that the need for a real estate regulator was felt because some developers did not adhere to their promises with regard to meeting project completion and possession deadlines. He called it a welcome step.