Regulatory Clarity from Rera Boosts Real Estate Revival in Andhra Pradesh
Vijayawada: The real estate sector in Andhra Pradesh is witnessing a significant revival, and developers are keenly looking forward to the Real Estate (Regulation and Development) Act (Rera) to play a crucial role in ensuring transparency and protecting the interests of both homebuyers and developers. The state's construction activity has gained momentum in recent months, particularly in urban areas, thanks to improved infrastructure and increased investor confidence.
As per the guidelines, every housing project must register with Rera before construction begins. Officials have warned that failure to comply will result in heavy penalties. The primary aim is to safeguard buyers from misleading advertisements and ensure that developers adhere to approved layouts and deadlines. Authorities have revealed that several projects are currently being scrutinised for non-compliance, and builders have been instructed to disclose complete details of project approvals, funding sources, and timelines. The emphasis is on accountability at every stage, from land acquisition to final delivery, to prevent disputes and ensure quality standards.
However, realtors are calling for Rera to address some technical hurdles to facilitate the timely completion of projects. They want Rera to consider the revised plan approval date as the commencement of the project instead of the date of the original plan cleared. With the state government recently nominating the governing council to Rera, developers are optimistic about the resolution of long-pending issues, which could further stimulate growth in the real estate sector.
Many developers have welcomed the regulatory clarity, as it helps build buyer confidence and stabilise the market. Rera has become a benchmark for transparency, and projects registered under Rera are experiencing quicker sales because customers feel more secure. A senior official from the municipal administration and urban development department stated, 'Projects registered under Rera are seeing quicker sales because customers feel more secure.'
The Real Estate (Regulation and Development) Act is now being strictly implemented across all major towns and cities, including Visakhapatnam, Vijayawada, Tirupati, and Amaravati. Officials noted a significant increase in registrations for new layouts and apartment projects. Industry experts believe that the next phase of growth will be driven by planned housing development. The government is also promoting eco-friendly and affordable housing models under its 'right place' initiative, ensuring balanced growth across districts.
However, some builders have expressed concerns over delays in approval processes and have urged authorities to simplify documentation for faster clearances. Municipal Administration Minister Narayana assured that digital processing and online monitoring systems are being strengthened to address such bottlenecks. This move is expected to streamline the approval process and reduce delays, further boosting the real estate sector's growth in Andhra Pradesh.
