Central Advisory Council Enhances Real Estate Regulation with Unified RERA Portal

The 5th Meeting of the Central Advisory Council (CAC) under the Real Estate (Regulation and Development) Act, 2016 (RERA) was held in New Delhi, marking significant advancements in the Indian real estate sector, including the launch of a Unified RERA Portal.

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Central Advisory Council Enhances Real Estate Regulation with Unified RERA Portal
Real Estate:The 5th Meeting of the Central Advisory Council (CAC) under the Real Estate (Regulation and Development) Act, 2016 (RERA) was recently held in New Delhi. This significant event marked eight years since the implementation of RERA, highlighting its profound impact on the Indian real estate sector. A key highlight of the meeting was the launch of the Unified RERA Portal by the Union Minister of Housing & Urban Affairs. This new platform is designed to enhance transparency and coordination across all States and Union Territories.

RERA has been a transformative force in the real estate sector, primarily by protecting homebuyers and promoting accountability. Since its inception in 2016, 35 States and Union Territories have established Real Estate Regulatory Authorities. Many have also set up Appellate Tribunals and appointed Adjudicating Officers. To date, over 1.5 lakh projects and more than 1 lakh agents are registered under RERA. The authorities have successfully disposed of nearly 1.5 lakh complaints, demonstrating a robust system for grievance redressal.

The launch of the Unified RERA Portal (rera.mohua.gov.in) is a significant step forward. This centralised platform integrates data from State RERA websites to create a national database of real estate projects. This integration will help homebuyers make more informed decisions and allow authorities to monitor project progress more effectively. Advanced tools such as Artificial Intelligence will be employed to detect project delays and reduce the number of stalled developments, ensuring a more efficient and transparent sector.

The Council also addressed the issue of stalled projects and reviewed recommendations from a committee led by Shri Amitabh Kant. Uttar Pradesh has already implemented these measures with notable success. Other States are now encouraged to follow suit. Standard Operating Procedures (SoPs) have been proposed to strengthen enforcement and expedite project completion. The primary focus is on reviving stalled projects to restore trust between buyers and developers, a crucial step in maintaining a healthy real estate market.

During the meeting, concerns were raised about delays in project registration, local authority approvals, and compliance with RERA orders. The Council recommended faster registration processes and a uniform application of rules across States. It also suggested the formation of a central committee within the Ministry of Housing and Urban Affairs to harmonize regulations and drive reforms, ensuring a more cohesive and efficient regulatory environment.

Recognizing RERA’s achievements, the Council emphasized the need for next-generation reforms. A detailed review will be conducted to identify further measures to strengthen the regulatory framework. The goal is to enhance transparency, accountability, and sector growth through stakeholder consultations and policy innovation. These efforts aim to build a more resilient and consumer-friendly real estate market in India.

In conclusion, the 5th Meeting of the Central Advisory Council under RERA has set the stage for significant advancements in the real estate sector. The launch of the Unified RERA Portal and the focus on addressing stalled projects and regulatory uniformity are crucial steps towards a more transparent and efficient market. The Council's commitment to ongoing reforms and stakeholder engagement will play a vital role in shaping the future of the Indian real estate sector.

Frequently Asked Questions

What is the Real Estate (Regulation and Development) Act, 2016 (RERA)?

RERA is an act that regulates the real estate sector in India, ensuring transparency, accountability, and protection for homebuyers. It was implemented to promote a fair and efficient market.

What is the Unified RERA Portal?

The Unified RERA Portal is a centralised platform that integrates data from State RERA websites to create a national database of real estate projects. It aims to enhance transparency and coordination across States and Union Territories.

How does RERA protect homebuyers?

RERA protects homebuyers by ensuring that developers adhere to strict regulations, such as timely project completion, transparency in project status, and a robust grievance redressal mechanism.

What are the main recommendations of the Council for addressing stalled projects?

The Council has recommended the implementation of Standard Operating Procedures (SoPs) to strengthen enforcement and expedite project completion. It also encourages States to follow the successful model of Uttar Pradesh in addressing stalled projects.

What future reforms are being considered by the Council?

The Council is conducting a detailed review to identify further measures to strengthen the regulatory framework. These reforms aim to enhance transparency, accountability, and sector growth through stakeholder consultations and policy innovation.

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