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.
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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.
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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.
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