It has been three years since the Real Estate (Regulation and Development) Act, 2016 (RERA) was implemented in the country and in the last three years the sector has seen lot of disruption and consolidation. In the last three years we have seen many realtors going burst putting lot home buyers into trouble.
In order to protect the interest of homebuyers and to regulate the real estate sector, the Ministry of Housing and Urban Affairs enacted RERA. Section 84 of RERA provides that the appropriate Government, i.e. States/Union Territories (UTs) shall make and notify rules, for carrying out the provisions of RERA. The rules framed by the States/UTs have to be in consonance with RERA.
“With the enactment of Real Estate (Regulation and Development) Act, 2016 (RERA), the country got its first real estate regulator. RERA marked the beginning of a new era in the Indian real estate sector and a step towards reforming the sector, encouraging greater transparency, citizen centricity, accountability and financial discipline. The core objective of this transformative legislation is to ensure regulation and promotion of real estate sector in an efficient and transparent manner and to protect the interest of the home buyers,” says Shri Hardeep S Puri, Minister of Housing and Urban Affairs.
31 States/UTs have notified rules under RERA so far. State of West Bengal has enacted its own Act i.e. West Bengal Housing Industry Regulation Act, 2017 (HIRA) instead of notifying rules under RERA. The State Act has been challenged in Hon’ble Supreme Court by a homebuyer’s association and matter is sub judice. While 30 States/UTs have set up Real Estate Regulatory Authority and 24 States/UTs have set up Real Estate Appellate Tribunal. Further, 16 States/UTs have appointed Adjudicating Officers as per the provisions under RERA. More than 52,000 Real Estate Projects and 40,517 Real Estate Agents have registered under RERA across the country. More than 46,000 complaints have been disposed-off by the Real Estate Regulatory Authorities across the country.