Hyderabad: The Real Estate (Regulation and Development) Act, 2016 [RERA], which came into effect from May 2017 onwards, has seen nearly 63,583 projects and 50,256 real estate agents registered across the country. As many as 65,539 cases have been disposed of by the State authorities as on April 24. Telangana has seen 2,763 project registrations and 1,492 agent registrations in the last four years.
Project registrations saw 58 per cent jump in the last two years from nearly 40,155 projects registered as of April-end 2019. Also, 50,256 real estate agents have been registered under RERA since its implementation– growing by 72 per cent in the last two years with 29,208 real estate agents registered in April 2019.
Anuj Puri, chairman, Anarock Property Consultants said, “One of RERA’s primary purposes is to address real estate consumers’ grievances. As such, the fact that the RERA authorities of various States and UTs have resolved over 65,539 consumer complaints in the last four years is noteworthy.”
Maharashtra led the country in terms of project registrations. Of all projects registered under RERA to date across 34 States/UTs, Maharashtra accounts for a 45 per cent share. Gujarat comes next with a 13 per cent share, followed by Madhya Pradesh and Karnataka with about 6 per cent share each, and Uttar Pradesh with a 5 per cent share.
Work in progress
While 34 States/UTs have notified rules under RERA. Nagaland is still under process to notify its rules while West Bengal enacted its own legislation that was challenged by the MoHUA before the Supreme Court. However, the apex court recently struck down West Bengal Housing Industry Regulation Act, 2017 (WBHIRA) stating that it overlaps with RERA that was enacted a law in the Parliament.
30 States/UTs have set up a Real Estate Regulatory Authority, and of this at least five are interim. Jammu and Kashmir, Ladakh, Meghalaya and Sikkim have also notified their RERA rules but are yet to establish Authorities.
About 28 States/UTs have set up Real Estate Appellate Tribunal for disposing of consumer complaints, including six as interim. Arunachal Pradesh, Jammu and Kashmir, Ladakh, Meghalaya, Mizoram and Sikkim are in the process of being established. Regulatory authorities of 27 States/UTs have operationalised their websites under RERA provisions. Arunachal Pradesh, Assam and Manipur are under process.
Credai Hyderabad has been encouraging people to purchase only the RERA registered properties to safeguard their money.
Rohit Poddar, joint secretary, Naredco, said, “The introduction of new reforms to protect homebuyers’ investments in the event of developer fraud has strengthened the home buyer’s confidence in the sector even further. RERA has effectively reduced builder and home buyer disputes, and with digital advancement, it has simplified the due diligence process for homebuyers, making their home buying experience more seamless.”
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