Status of RERA implementation in various states, 2 years on

[ecis2016.org] After two years since its implementation, we look at the status of the Real Estate (Regulation and Development) Act across various states in India and examine that states that have taken the lead and those that have remained laggards

It has been two years since the Real Estate (Regulation and Development) Act (RERA) came into force across the country and the centre’s aim to enforce it in every state, is gathering visible momentum. Even the north-eastern states (including Manipur, Meghalaya, Mizoram, Nagaland and Sikkim), which earlier shied away from it, have agreed to officially notify their RERA rules soon. West Bengal is the only state which has notified its own real estate law under the West Bengal Housing Industry Regulatory Authority (WBHIRA). RERA is intended to cover developers, as well as real estate agents across the country. As it stands now, 22 states and six union territories have already notified their RERA rules, out of which 19 states have active online portals. West Bengal too has an active portal for its own real estate law.

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If we look closely into each of the states with active portals, project and agent registrations have been on the rise since November 2018. While buyers have been continuously fretting about the dilution of the rules that have been notified, they are also bestowing their faith in the law and coming forward to raise their complaints against faulty developers, for myriad reasons including project delays. For instance, MahaRERA has received as many as 6,631 complaints (as on April 2019) since its inception, out of which the state authority claims to have disposed of more than 64% of the complaints. However, there are also cases where, despite RERA notifications to defaulting builders who have been summoned to pay penalty to buyers, they are delaying payments or not attending hearings.

Nevertheless, things are changing for the better. Generally, players are far more accountable and cannot easily get away with breaking the RERA rules. In several instances, developers have been reprimanded by the concerned authorities and have had to pay penalty amounts to their buyers. While the redressal of complaints is not satisfactory for many, consumers are coming forward in large numbers, to register complaints across states. The unruly days of Indian real estate are definitely over.

RERA registration numbers in states and union territories

Registration of project and real estate agents have been on the rise across most states, from November 2018 to April 2019. For example, in Andhra Pradesh, as many as 307 projects have presently been registered under the RERA, up from mere a 61 in November 2018. Maharashtra is currently the most active state, having the highest project registrations, with more than 20,718 projects under the MahaRERA and nearly 19,699 RERA-registered real estate agents. Maharashtra is followed by neighbouring Gujarat, with 5,317 RERA-registered projects and 899 registered agents and agencies. Project registration in Karnataka currently stands at 2,530 and the state has 1,342 RERA-registered real estate agents, so far.

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[ecis2016.org] What is RERA and how will it impact the real estate industry and home buyers?

States and union territories with active RERA websites

(The writer is chairman, ANAROCK Property Consultants)

Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle