Talk on Establishing Regulatory Capacity for the Real Estate Sector: The MahaRERA Experience

Talk on Establishing Regulatory Capacity for the Real Estate Sector: The MahaRERA Experience
Gautam Chatterjee, Deepak Sanan
Friday, 13 December 2019 Add to Calendar 2019-12-13 16:00:00 2019-12-13 18:00:00 Asia/Kolkata Talk on Establishing Regulatory Capacity for the Real Estate Sector: The MahaRERA Experience Speaker: Gautam Chatterjee, Chairperson, Maharashtra Real Estate Regulatory Authority Moderator:  Deepak Sanan, Senior Visiting Fellow, CPR About the discussion: The Real Estate (Regulation and Development) Act, 2016 was enacted by Parliament with the objective of bringing about transparency and financial discipline in the real estate business, and to protect the interests of home buyers. The law mandates states to set up real estate regulatory authorities; developers/builders are required to register projects with this regulatory authority before commencing bookings and sales. Builders are also required to deposit 70% of amounts collected from buyers into an escrow account, to ensure that these funds are used only for the specific project. The objectives of the Act include speedy dispute resolution, curbing the flow of black money, and ensuring timely completion of projects. Progress on the implementation of this law by states is encouraging. So far 29 states have set up regulatory authorities, and 24 have established appellate tribunals. Regulatory authorities of 24 states have set up their websites – which is critical for the implementation of the Act as it mandates online registration. A total of 46,695 real estate projects and 36,823 real estate agents have been registered under the Act across the country.   Maharashtra was the first state to set up its Real Estate Regulatory Authority (MahaRERA). The state has one of the largest real estate markets in India. It reports more than half of all projects registered in the country and most real estate agents. Gautam Chatterjee is the first and current Chairperson of the Maharashtra Real Estate Regulatory Authority. The talk will focus on his experience of establishing regulatory capacity and creating the conditions for transparency and market discipline in a difficult market.   The discussion will be moderated by Deepak Sanan, Senior Visiting Fellow, CPR. About the Speakers: Gautam Chatterjee, IAS (retd.) has held several important assignments both with the Government of Maharashtra and Government of India, notable among them being Collector of  Ratnagiri, Additional Municipal Commissioner of Mumbai Municipal Corporation, Joint Director General of Foreign Trade in the Ministry of Commerce, CEO of Maharashtra Housing and Area Development Authority, CEO of Slum Rehabilitation Authority, and many others. After his superannuation, he served as Officer on Special Duty (OSD) to the Chief Minister of Maharashtra, before taking over as Chairperson of the Maharashtra Real Estate Regulatory Authority. He holds a post-graduate diploma in Urban Planning and Housing from the Institute of Housing Studies, Rotterdam.   Deepak Sanan is a retired IAS officer. During his career... Conference Hall, Centre for Policy Research, Dharam Marg, Chanakyapuri, New Delhi - 110021
4:00 pm to 6:00 pm
Conference Hall, Centre for Policy Research, Dharam Marg, Chanakyapuri, New Delhi - 110021

Speaker:
Gautam Chatterjee, Chairperson, Maharashtra Real Estate Regulatory Authority

Moderator: 
Deepak Sanan, Senior Visiting Fellow, CPR

About the discussion:
The Real Estate (Regulation and Development) Act, 2016 was enacted by Parliament with the objective of bringing about transparency and financial discipline in the real estate business, and to protect the interests of home buyers. The law mandates states to set up real estate regulatory authorities; developers/builders are required to register projects with this regulatory authority before commencing bookings and sales. Builders are also required to deposit 70% of amounts collected from buyers into an escrow account, to ensure that these funds are used only for the specific project. The objectives of the Act include speedy dispute resolution, curbing the flow of black money, and ensuring timely completion of projects. Progress on the implementation of this law by states is encouraging. So far 29 states have set up regulatory authorities, and 24 have established appellate tribunals. Regulatory authorities of 24 states have set up their websites – which is critical for the implementation of the Act as it mandates online registration. A total of 46,695 real estate projects and 36,823 real estate agents have been registered under the Act across the country.
 
Maharashtra was the first state to set up its Real Estate Regulatory Authority (MahaRERA). The state has one of the largest real estate markets in India. It reports more than half of all projects registered in the country and most real estate agents. Gautam Chatterjee is the first and current Chairperson of the Maharashtra Real Estate Regulatory Authority. The talk will focus on his experience of establishing regulatory capacity and creating the conditions for transparency and market discipline in a difficult market.
 
The discussion will be moderated by Deepak Sanan, Senior Visiting Fellow, CPR.

About the Speakers:
Gautam Chatterjee, IAS (retd.) has held several important assignments both with the Government of Maharashtra and Government of India, notable among them being Collector of  Ratnagiri, Additional Municipal Commissioner of Mumbai Municipal Corporation, Joint Director General of Foreign Trade in the Ministry of Commerce, CEO of Maharashtra Housing and Area Development Authority, CEO of Slum Rehabilitation Authority, and many others. After his superannuation, he served as Officer on Special Duty (OSD) to the Chief Minister of Maharashtra, before taking over as Chairperson of the Maharashtra Real Estate Regulatory Authority. He holds a post-graduate diploma in Urban Planning and Housing from the Institute of Housing Studies, Rotterdam.
 
Deepak Sanan is a retired IAS officer. During his career, he held positions offering experience in numerous sectors in Himachal Pradesh as well as the Government of India. He has also been on the staff of the World Bank and undertaken many assignments over the years as a consultant with the World Bank, IFAD, DFID, IDS Sussex, and AusAid relating to his skills and experience in public finance, urban and rural development and specially in relation to the water and sanitation sector in India. Currently, in addition to being Senior Visiting Fellow at the Centre for Policy Research,  he advises at the National Council of Applied Economic Research, Delhi and the Indian Institute for Human Settlements, Bangalore on a variety of subjects related to land.

Please RSVP at president.cpr@cprindia.orgThe seating at the venue can accommodate up to 60 people on a first come first serve basis.