RERA: A Game-Changer in India's Real Estate Sector
RERA has resolved over 1.24 lakh consumer complaints and registered over 1.30 lakh real estate projects and 88,461 agents across India.
ReraReal EstateConsumer ComplaintsIndiaRegulationReal Estate MumbaiJul 23, 2024
The Act requires the establishment of a regulatory authority in each state/UT and mandates the registration of real estate projects and agents with this body. As of July 1, 2024, more than 1,30,186 real estate projects and 88,461 real estate agents had been registered under RERA. This implies that RERA has been successful in creating a more organized and regulated real estate market in India.
RERA has introduced several provisions to protect the interests of homebuyers, including a fast-track dispute resolution mechanism, mandatory registration of projects and agents, and measures to ensure timely completion of projects. Additionally, the Act 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 success of RERA can be attributed to its efforts to enhance transparency and accountability in the real estate sector. Following the enactment of RERA, India was ranked 36th in the Global Real Estate Transparency Index in 2022. This ranking is a significant improvement from the previous years and highlights the progress made by RERA in creating a more transparent and regulated real estate market.\n\n None
Frequently Asked Questions
What is the main objective of RERA?
The main objective of RERA is to enhance transparency, financial discipline, and accountability in India's real estate sector.
How many consumer complaints have been resolved by RERA?
As of July 1, 2024, RERA has resolved 1,24,947 consumer cases.
How many real estate projects and agents have been registered under RERA?
As of July 1, 2024, more than 1,30,186 real estate projects and 88,461 real estate agents had been registered under RERA.
What is the ranking of India in the Global Real Estate Transparency Index in 2022?
Following the enactment of RERA, India was ranked 36th in the Global Real Estate Transparency Index in 2022.
What is the percentage of funds that developers must allocate to a dedicated bank account for land costs and project construction under RERA?
Under RERA, developers must allocate 70% of funds collected from homebuyers into a dedicated bank account for land costs and project construction.
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