NEW DELHI: About 45 per cent developers across India have no formal process in place to manage compliance mechanism of RERA while 44 per cent have made some modifications to their MIS (Management Information System), a recent survey by FICCI and Grant Thornton Advisory has revealed.
The survey was conducted to assess the readiness on the compliance side of the real estate developers.
It further revealed that nearly 80 per cent of the board/senior management are using common methods like excel based MIS reporting to review RERA compliance.
“Like any other major reform, RERA has its own sets of initial challenges, which are causing disruption in the sector. However, everyone including the developer fraternity, is positive about the long-term impact of RERA,” said Neeraj Sharma, Director, Grant Thornton Advisory.
Over 50 per cent of the builders are focusing on enhancing skill-sets of internal teams with trainings and courses whole 37 per cent are hiring independent experts as Project Management Companies (PMCs) to manage their projects.
“We are in talks with many builders, majorly from West and North, to help them in complying with RERA,” informed Sharma.
Interestingly, over 70 per cent of the developers felt that major changes have been made in the key terms in both customer and vendor agreements post RERA.
