Real Estate Regulatory Authorities Resolve Over 1.25 Lakh Complaints: Economic Survey 2023-24
The Economic Survey 2023-24 has revealed that real estate regulatory authorities have resolved over 1.25 lakh complaints and registered over 1.30 lakh projects under RERA as of July 1, 2024.
Real EstateReraEconomic Survey 2023 24Housing SectorIndian Real Estate MarketReal Estate PuneJul 22, 2024
The survey also revealed that all states and union territories, except Nagaland, have notified rules under RERA. Nagaland is currently in the process of notifying the rules. Furthermore, 32 states and union territories have established RERAs, with over 1,24,947 complaints disposed of as of July 1, 2024.
The Real Estate (Regulation and Development) Act, 2016 was enacted to bring transparency, accountability, and financial discipline to the Indian real estate sector. The law mandates the establishment of a RERA in each state/UT and the registration of real estate projects and agents with the regulatory body.
The survey also highlighted the significant impact of RERA on the real estate sector. Following the enactment of RERA, India's ranking in the Global Real Estate Transparency Index improved to 36th in 2022. Over 30,000 real estate projects and 16,947 property agents were registered under RERAs during the 2023-24 fiscal year.
As of July 1, 2024, over 1,30,186 real estate projects and 88,461 real estate agents have been registered under RERA. The law has also protected homebuyers' interests by making it mandatory for developers to make necessary disclosures about projects, including permissions, launch dates, and project specifications.
The Economic Survey 2023-24 has emphasized the recovery of the Indian real estate sector following the Covid-19 pandemic and has projected an encouraging outlook for the segment. With increasing urbanization, the housing industry is poised for a significant transformation.
The Real Estate (Regulation and Development) Act, 2016 is a landmark legislation enacted to bring transparency, accountability, and financial discipline to the Indian real estate sector.
The Indian real estate sector has been plagued by issues of delays, misrepresentation, and lack of transparency. The enactment of RERA has been a significant step towards addressing these issues and protecting homebuyers' interests.
Frequently Asked Questions
How many complaints have been resolved by RERAs as of July 1, 2024?
Over 1.25 lakh complaints have been resolved by RERAs as of July 1, 2024.
How many real estate projects have been registered under RERA as of July 1, 2024?
Over 1,30,186 real estate projects have been registered under RERA as of July 1, 2024.
What is the main objective of the Real Estate (Regulation and Development) Act, 2016?
The main objective of RERA is to bring transparency, accountability, and financial discipline to the Indian real estate sector.
How has RERA protected homebuyers' interests?
RERA has protected homebuyers' interests by making it mandatory for developers to make necessary disclosures about projects and by ensuring that 70% of funds collected from homebuyers are maintained in a separate bank account dedicated to project construction and land costs.
What is the outlook for the Indian real estate sector according to the Economic Survey 2023-24?
The outlook for the Indian real estate sector is encouraging, with increasing urbanization and a significant transformation expected in the housing industry.
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