Prime Minister Modi Stresses Importance of RERA Compliance for Housing Market Trust
Prime Minister Narendra Modi emphasized the need for strict adherence to RERA provisions to restore trust in the housing market while reviewing major infrastructure projects.
ReraHousing MarketInfrastructure ProjectsPragatiReal EstateReal Estate NewsMay 28, 2025
The projects spanned the road transport, power, and water resources sectors across various states and union territories. During the meeting, the Prime Minister reviewed public grievances linked to the Real Estate Regulatory Authority (RERA) and emphasized the need to improve the quality and timeliness of grievance disposal to ensure justice and fairness for homebuyers.
Modi urged state governments to ensure the mandatory registration of all eligible real estate projects under the RERA Act. He stressed that strict compliance with RERA provisions is crucial for restoring trust in the housing market. Emphasizing the strategic importance of these projects, he called for concerted efforts to overcome implementation bottlenecks and ensure their timely completion.
Highlighting the adverse impact of project delays, he noted that such setbacks not only inflate costs but also deprive citizens of essential services and infrastructure. He further urged all stakeholders to prioritize efficiency and accountability, stressing that timely delivery is critical to maximizing socio-economic outcomes. In the PRAGATI meetings held so far, 373 projects worth around Rs 20.64 lakh crore have been reviewed, according to the official statement.
The Real Estate Regulatory Authority (RERA) was established to bring transparency and accountability to the real estate sector. It aims to protect the interests of homebuyers and promote fair practices. By ensuring that all real estate projects are registered and comply with the provisions of the RERA Act, the government aims to build a more reliable and trustworthy housing market. This is particularly important in a country like India, where the real estate sector plays a significant role in the economy and the lives of millions of people.
Prime Minister Modi's emphasis on RERA compliance underscores the government's commitment to addressing the concerns of homebuyers and ensuring that the real estate market operates in a fair and transparent manner. This move is expected to boost confidence in the housing market and attract more investments, ultimately contributing to the overall growth and development of the country.
In conclusion, the Prime Minister's focus on RERA compliance and the timely completion of infrastructure projects reflects the government's dedication to improving the quality of life for citizens and fostering a robust and sustainable real estate sector. By addressing the issues of transparency and accountability, the government aims to create a more trustworthy and efficient housing market, benefiting both homebuyers and developers alike.
Frequently Asked Questions
What is RERA?
RERA stands for Real Estate Regulatory Authority. It is a regulatory body established to bring transparency, accountability, and fairness to the real estate sector, protecting the interests of homebuyers.
Why is RERA compliance important?
RERA compliance is crucial for restoring trust in the housing market. It ensures that all real estate projects are registered and adhere to the provisions of the RERA Act, protecting homebuyers and promoting fair practices.
What is the PRAGATI platform?
PRAGATI is an ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation. It is used by the government to review and monitor infrastructure projects and public grievances.
How does RERA help homebuyers?
RERA helps homebuyers by ensuring that real estate projects are registered, transparent, and comply with regulatory standards. This reduces the risk of fraud and delays, providing homebuyers with greater confidence and protection.
What are the benefits of timely project completion?
Timely project completion ensures that costs are controlled and essential services and infrastructure are delivered to citizens on schedule. This maximizes socio-economic outcomes and improves the quality of life for the community.
Related News Articles
Mumbai Police Crackdown on Real Estate Fraud: Developers Booked for Cheating
The Mumbai police have booked two directors of Shriji developers and an estate agent for cheating a real estate investor of Rs 2.25 crores.
Revolutionizing Indian Real Estate: Budget 2024 Proposals Set the Stage
The focus on affordable housing is expected to stimulate economic growth, create job opportunities, and promote inclusivity, sustainability, and overall urban development.
Ashiana Housing Sees Surge in Demand for Kid-Centric Homes in Gurugram
The housing market in Delhi NCR experienced a surge in the first half of 2024, with Gurugram leading the way by accounting for 55% of the new launches.
Godrej Properties Acquires 6.5 Acres in Kharghar for Mega Project
Godrej Properties has secured three contiguous plots worth 3,500 INR-Crore in the prime Sector 5-A of Kharghar, Mumbai Metropolitan Region (MMR).
Mumbai Property Registrations Surge by 22% in October, Reaching 12,960 Units
In a significant boost to the real estate sector, property registrations in Mumbai saw a 22% increase in October, reaching a total of 12,960 units. This upward trend indicates a growing confidence among buyers and developers in the market.
Why Bengaluru's Billionaire Street is the Most Prestigious and Expensive Neighborhood
Bengaluru real estate: This elite neighborhood, home to names like Flipkart's Sachin Bansal and Quess Corp MD Ajit Isaac, is the most coveted and expensive in the city. Discover what makes it so special.