2 years of RERA - The success and the failures

Author: Riya Kapoor

Highlights

Gujarat has registered a total number of 5317 projects leaving behind all other states except Maharashtra. Gujarat lacked in starting but state authorities provided adequate support to professional and promoters.
22 states and 6 Union Territories have already notified their RERA rules, out of which 19 states have active online portals. West Bengal is the only state which has frame its own act know as West Bengal Housing Industry Regulatory Authority (WBHIRA).

2 years of RERA has gone by. RERA has gained huge momentum in the last 2 years in respect of project registration and agent registration. The main aim of the RERA was to shield consumers and bring much-needed transparency in the real estate sector.

RERA intended to envelop developers as well as a real estate agent across the country.

As it stands now, 22 states and 6 Union Territories have already notified their RERA rules, out of which 19 states have active online portals. West Bengal is the only state which has frame its own act know as West Bengal Housing Industry Regulatory Authority (WBHIRA).

Maharashtra was one of the first states along with Madhya Pradesh which was ready with the website and started the registration process in the state on day one and since then it has issued over 70% of the countries certificate.

Karnataka’s Real Estate Regulatory Authority (RERA) has seen three interim chiefs since April 18. Industry executives and experts said that the frequent change in the regulatory authority chiefs did not augur well for either the sector or the new institution. TSRERA has decided to keep the registration process of ongoing projects open for which permission has been taken between January 1, 2017, and August 31. Telangana State Real Estate Regulatory Authority (TSRERA) has decided to levy a penalty of Rs 50,000 on applications received after December 1, 2018. Goa has faced many hurdles in its registration process and several complaints were filed regarding poor connectivity and slow server. States such as Maharashtra, Karnataka, Gujarat, Rajasthan, M Madhya Pradesh, and Punjab have fully-operational RERA. Gujarat has registered a total number of 5317 projects leaving behind all other states except Maharashtra. Gujarat lacked in starting but state authorities provided adequate support to professional and promoters.

Present states of implementation :

Maharashtra is still ahead in the race with 20,720 registrations and about 19,000 agent registrations followed by the state of Gujarat with 5,317 RERA-registered projects and 899 registered real estate agents and third is Karnataka with 2530 projects and about 1342 agents.

Following is the status of the number of projects and agents enrolled with RERA :

So yes things are changing for the better. We can now say the nightmare of real estate is definitely over and the sector is moving towards a progressive path.
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