The Real Estate (Regulation and Development) Act, 2016 (RERA) came into effect on May 1, 2017. RERA covers all residential and commercial projects across India, and aims to protect the interest of millions of home-buyers, and commercial clients. There are inbuilt provisions in the Act to ensure fair play in real estate transactions, and for monitoring execution of projects so that time-lines announced by builders are maintained.
As an Act of Parliament, RERA became necessary since builders failed to regulate themselves. At this point, numerous builders, including some of the biggest names in the country, are under the cosh for having failed to deliver high-profile projects on time. Thousands of buyers are suffering in India.
Amidst all this chaos we have focused on Central Park on the cover. Its CMD Mr Amarjit Bakshi, an alumnus of IIT-Delhi, has managed to create a value-for-money brand that has come up with several high-end projects in Gurgaon. The brand is focused on building credibility by what Mr Bakshi describes as “exceeding expectations always.”
Inside, we have an interview with Minister of State (Independent Charge) for Youth Affairs and Sports, Mr Vijay Goel, and another one with NDMC Member Dr Anita Arya. We have a fairly large segment on country coverage. The diaspora section carries stories from the recently published book Indian Americans in Greater Los Angeles Area by India Empire Publications (pages 28-34).