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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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.
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.
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.
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.
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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