Around 60,000 real estate projects and 45,723 real estate agents have been registered with the Regulatory Authorities under RERA, providing a platform for informed choice for buyers. This information was given by Shri Hardeep S Puri, MoS, I/C, Housing and Urban Affairs who informed that 22 independent judicial officers have been appointed to redress consumer disputes, as a fast-track mechanism, where 59,649 complaints have been disposed-off. He further said that this has simultaneously unburdened the consumer courts.
The Minister informed that since RERA came into full force in May 2017, 34 states and union territories have notified the rules, 30 states and union territories have set up Real Estate Regulatory Authorities and 26 have set up Appellate Tribunals. He added that the operationalization of a web-portal for project information, which is the heart of RERA ensuring full project transparency, has been done by 26 Regulatory Authorities.
“RERA has infused governance in a sector hitherto unregulated and added that along with demonetization and the Goods and Services Tax laws, it has, to a large extent, cleansed the real estate sector of black money,” the Minister has said.
Shri Puri mentioned that RERA is a seminal effort in cooperative federalism and added that though the Act has been piloted by the Central Government, the Rules are to be notified by state Governments, and the Regulatory Authorities and Appellate Tribunal are also to be appointed by them. He further said that the Regulatory Authorities are required to manage the day to day operations, resolve disputes, including running an active and informative website for project information.