APRERA Trains Bankers On RERA Compliance

: Andhra Pradesh Real Estate Regulatory Authority (APRERA) on Wednesday conducted an awareness program for bank officials at its office in Amaravati about their role in implementation of the Real Estate (Regulation and Development) Act, 2016.

Addressing the participants, APRERA President A. Siva Reddy explained the responsibilities of banks within the framework of RERA and emphasized that due care should be taken when financing real estate projects. He emphasized the importance of project registration, maintenance of designated bank accounts and proper use of project funds.

Reddy said effective coordination between project promoters, banks and regulatory authorities will ensure timely completion of projects and protect the interests of home buyers. He noted that banks play an important role in strengthening transparency, accountability and compliance in the real estate sector.

Officials from various banks attended and discussed project financing, compliance monitoring and RERA implementation. APRERA said it will continue stakeholder awareness programs to strengthen implementation of the Act in Andhra Pradesh.