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
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.
RERA authorities have resolved 1,24,947 consumer complaints as of July 1, 2024.
Developers must allocate 70% of funds collected from homebuyers into a dedicated bank account for land costs and project construction under RERA.
India was ranked 36th in the Global Real Estate Transparency Index in 2022.
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.
Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed the builder to pay interest to homebuyers for delayed possession of flats in Suburbia Estate Phase I, Pune.
Two of India's leading real estate firms, Godrej Properties and Macrotech Developers, have reported combined sales bookings of Rs 22,120 crore during April-September 2024, marking a 56% year-on-year growth. The majority of these sales were in housing unit
EFC Limited, also known as the Entrepreneurial Facilitation Centre, is a prominent real estate enterprise based in Pune, Maharashtra, India. The company has recently reported a significant 230% year-over-year (YoY) increase in its net profit, leading to a
Mumbai-based Kolte-Patil Developers Ltd. has announced plans for a premium mixed-use development project in Vashi, Navi Mumbai. The project, which will include residential, commercial, and recreational spaces, is set to transform the area into a bustling
The Enforcement Directorate (ED) has attached 142 properties, valued at approximately Rs 300 crore, in connection with the Muda land scam. These properties are registered in the names of various individuals involved in the real estate sector. The ED's act
Prestige Estates Projects Ltd, a prominent real estate firm, has reported a significant 38% decline in sales bookings, totaling Rs 10,066 crore for the period from April to December.