Mutual Fund

‘Banks should finance only RERA registered projects’

Chairman of RERA Antony DeSa has said that banks should finance projects registered in RERA only He further mentioned that real estate projects and colonies are required to follow the rules of the RERA Act. Besides, there is a proper professional option for finance which ensures better chances of loan recovery. A guide in this connection has also been issued by the Reserve Bank of India. DeSa further stated that banks should finance these projects only on priority. Desa said that registration in RERA ensures guarantee to allottees for allotment of residences on time. He mentioned that loan to unregistered project is neither in the interest of people nor in the rules and is not a right professional decision. He said that unregistered projects are against the RERA Act and illegal too. Banks should avoid investment in loan cases of such projects.

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