APRERA Trains Bankers On RERA Compliance
Reddy said effective coordination among promoters, banks and regulatory authorities would ensure timely completion of projects and protect the interests of homebuyers.
VIJAYAWADA: The Andhra Pradesh Real Estate Regulatory Authority (APRERA) on Wednesday conducted an awareness programme for bank officials on their role in implementing the Real Estate (Regulation and Development) Act, 2016, at its office in Amaravati.
Addressing the participants, APRERA chairperson A. Siva Reddy explained the responsibilities of banks under the RERA framework and stressed the need for due diligence while financing real estate projects. He highlighted the importance of project registration, maintenance of designated bank accounts and proper utilisation of project funds.
Reddy said effective coordination among promoters, banks and regulatory authorities would ensure timely completion of projects and protect the interests of homebuyers. He noted that banks play a crucial role in strengthening transparency, accountability and compliance in the real estate sector.
Officials from various banks participated and discussed project financing, compliance monitoring and RERA implementation. APRERA said it would continue stakeholder awareness programmes to strengthen implementation of the Act in Andhra Pradesh.