How will RERA affect the real estate sector?

Real estate in India has been considered a problematic sector, with major complains being lack of transparency, security, and accountability. To address this issue, the Rajya Sabha passed the Real Estate Regulatory Authority Act in March 2016, nine years after the idea was first proposed. The central RERA became effective from May 1, 2017.
Under the act, all states had to notify the realty rules and set up RERA within three months of the central RERA coming into force. On 31st July 2017, only 23 out of a total 35 states and UTs had notified the final rules of RERA. There has also been a dilution of the central act, specifically with regard to inclusion of ongoing projects.
RERA is supposed to smoothen out all the processes involved in real estate transactions. Each regulatory authority in the state is supposed to ensure that every project is registered and monitored. It is mandatory for every state to maintain a website so that the public can easily access information about all projects. However, only a few states’ websites for RERA are functional at the moment. These are listed below:
1. Maharashtra RERA website:
2. Karnataka RERA website:
3. Madhya Pradesh RERA website:
4. Kerala RERA website:
5. Uttar Pradesh RERA website:
6. Rajasthan RERA website:
7. Gujarat RERA website:
8. Tamil Nadu RERA website:
9. Punjab RERA website:
As for builders, each registered builder will be provided with a login id and password so that they can create a page for their project on the website. This is supposed to have all the information about the project right from the promoter’s name, address, and past projects to the project completion date and details about development. It must be updated regularly so that buyers can see the status.
Every real estate agent also has to be registered. No person/s are allowed to carry out or facilitate the sale or purchase of any property without having a proper registration number. They will have a unique registration number which should be verifiable on the website. This ensures that buyers are not tricked by unlawful agents and can check the information about any agent they approach.
The real estate sector requires clarity in its operations and a regulation of its misdoings. Even though the implementation of this act on such a wide scale is proving tricky, the government is quite hopeful that it will regulate the entire sector in the long run. While RERA may prove to be just the first step in a long process, it is definitely a good start in the right direction.
To stay updated on all the news about real estate news and get your queries resolved, visit Questate. We are the one-stop portal for all information about real estate sector in India. On our website, you can ask leading industry experts to give you the solution for all your real estate related issues. When it comes to real estate.

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