RERA: A Beacon of Hope for Homebuyers in India
RERA authorities have resolved over 1.25 lakh consumer complaints across India, marking a significant milestone in the country's real estate sector.
ReraReal Estate Regulatory AuthoritiesReal Estate Regulation And Development Act2016HomebuyersConsumer ComplaintsIndiaReal Estate MumbaiJul 24, 2024
Except for Nagaland, all other states and UTs in India have implemented regulations under the Real Estate (Regulation and Development) Act, 2016. Nagaland is currently in the process of finalizing its regulations. As of July 1, 2024, more than 1,30,186 real estate projects and 88,461 real estate agents had been registered under RERA.
The Real Estate (Regulation and Development) Act, 2016, has introduced several provisions to protect the interests of homebuyers. It requires the establishment of a regulatory authority in each state/UT, and mandates the registration of real estate projects and agents with this body. The Act also specifies provisions for compensation, refunds, and penalties for breaches of obligations.
Under RERA, developers must allocate 70% of funds collected from homebuyers into a dedicated bank account for land costs and project construction. The Act also requires developers to disclose essential project details, including launch date, permissions obtained, project specifications, expected delivery date, and amenities.
RERA has introduced a fast-track dispute resolution mechanism and mandates that an 'Agreement to Sale' be established at the time of registration. It also requires two-thirds consent from allottees/homebuyers for any changes in project layout.
India's real estate sector has witnessed significant growth since the implementation of RERA. The country was ranked 36th in the Global Real Estate Transparency Index in 2022, indicating a marked improvement in transparency and accountability.
The success of RERA in resolving consumer complaints is a reflection of the government's commitment to protecting the interests of homebuyers. As the real estate sector continues to grow, RERA is expected to play a crucial role in ensuring transparency, accountability, and financial discipline in the industry.
Frequently Asked Questions
What is the main objective of the Real Estate (Regulation and Development) Act, 2016?
The main objective of the Real Estate (Regulation and Development) Act, 2016 is to enhance transparency, financial discipline, and accountability in India's real estate sector.
How many consumer complaints have been resolved by RERA authorities as of July 1, 2024?
RERA authorities have resolved 1,24,947 consumer complaints as of July 1, 2024.
What is the percentage of funds that developers must allocate to a dedicated bank account for land costs and project construction under RERA?
Developers must allocate 70% of funds collected from homebuyers into a dedicated bank account for land costs and project construction under RERA.
What is the ranking of India in the Global Real Estate Transparency Index in 2022?
India was ranked 36th in the Global Real Estate Transparency Index in 2022.
What is the significance of the 'Agreement to Sale' under RERA?
The 'Agreement to Sale' is a mandatory document that must be established at the time of registration under RERA, and it outlines the terms and conditions of the sale.
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