RERA Revolution: 1.25 Lakh Consumer Complaints Resolved Across India
RERA, India's real estate regulatory authority, has resolved a staggering 1,24,947 consumer cases as of July 1, 2024, bringing relief to homebuyers across the country.
ReraReal EstateHousingConsumer ComplaintsRegulatory AuthorityReal Estate NewsJul 23, 2024
The Real Estate (Regulation and Development) Act, 2016, is the backbone of RERA, aiming to regulate India's real estate sector and protect the interests of homebuyers. As of July 1, 2024, more than 1,30,186 real estate projects and 88,461 real estate agents have been registered under RERA.
RERA's has introduced a fast-track dispute resolution mechanism, ensuring that homebuyers' grievances are addressed promptly. Additionally, the Act mandates the establishment of an 'Agreement to Sale' at the time of registration, requires two-thirds consent from allottees/homebuyers for any changes in project layout, and specifies provisions for compensation, refunds, and penalties for breaches of obligations.
Under RERA, developers are required to allocate 70% of funds collected from homebuyers into a dedicated bank account for land costs and project construction. This ensures that developers prioritize project completion and deliver homes on time. Furthermore, developers must disclose essential project details, including launch date, permissions obtained, project specifications, expected delivery date, and amenities, providing homebuyers with a clear understanding of their investment.
The implementation of RERA has already started to bear fruit, with India ranking 36th in the Global Real Estate Transparency Index in 2022. This improved ranking is a reflection of RERA's efforts to increase transparency and accountability in the real estate sector.
Housing.com is India's leading online real estate platform, providing comprehensive information on Indian real estate to homebuyers, sellers, and real estate enthusiasts.
Frequently Asked Questions
What is the primary objective of RERA?
The primary objective of RERA is to enhance transparency, financial discipline, and accountability in India's real estate sector.
How many real estate projects have been registered under RERA as of July 1, 2024?
More than 1,30,186 real estate projects have been registered under RERA as of July 1, 2024.
What percentage of funds collected from homebuyers must developers allocate to a dedicated bank account for land costs and project construction?
Developers must allocate 70% of funds collected from homebuyers into a dedicated bank account for land costs and project construction.
What is the significance of the 'Agreement to Sale' in RERA?
The 'Agreement to Sale' is a mandatory document that must be established at the time of registration, outlining the terms and conditions of the sale.
How has RERA impacted India's ranking in the Global Real Estate Transparency Index?
RERA's implementation has improved India's ranking in the Global Real Estate Transparency Index to 36th in 2022.
Related News Articles
Protect Your Home from Monsoon Mayhem: A DIY Guide to Waterproofing and Repair
Learn how to waterproof your home and prevent roof leaks, seepage, and dampness during the monsoon season. Get expert tips and advice on using Birla White Seep Guard for effective roof waterproofing solutions.
Daring Rescue: Lost Trekkers Saved at Maharashtra's Peb Fort
In a thrilling real-life rescue, a group of trekkers who went missing in the rugged terrain of Maharashtra's Peb Fort were successfully saved. This article delves into the details of the rescue operation, the challenges faced, and the measures taken to ensure the safety of the trekkers.
Unlocking Real Estate Investment Trusts (REITs): A Key Player in India's Property Market
Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-generating real estate, providing a unique opportunity for investors to earn dividends without directly managing properties.
Godrej Properties Sells Rs 1000 Crore Worth of 90 Luxury Homes in Gurugram; Stock in Focus
Shares of Godrej Properties are in focus after the real estate developer announced the successful sale of 90 luxury homes worth over Rs 1,000 crore in Gurugram. This significant achievement highlights the growing demand for high-end residential properties in the region.
Can Affordable Housing Survive the Rise of Luxury Developments?
Explore how economic shifts, rising interest rates, and the surge in luxury real estate are impacting middle-class homeownership. Dive into the challenges and potential solutions for affordable housing in urban centers like Mumbai.
Godrej Properties Secures 6.5 Acres in Navi Mumbai for Rs 717 Crore
Godrej Properties, a leading real estate developer, has acquired three contiguous land parcels on a 60-year lease from CIDCO in Navi Mumbai, marking a significant investment in the region.