The RERA Effect on Real Estate Sector in India: Review by Arun Puri ANAROCK
The RERA Effect on Indian Real Estate Sector: Review by Anuj Puri, Chairman - ANAROCK Property Consultants.
It was not the magic wand it was hoped to be. However, over the past two years, the Real Estate Regulatory Act (RERA) has brought more sanity - and the return of consumer power - than seemed possible in such a short time. The real estate sector is still struggling with it and the Act is very much work-in-progress in many states, but RERA nevertheless hangs like a sword of Damocles over a previously unregulated industry. Eventual compliance across the board seems inevitable.
According to the latest readings on the Ministry of Housing and Urban Affairs (MoUHA) website:
30 States/UTs have notified rules under RERA; 4 North Eastern States (Arunachal Pradesh, Meghalaya, Nagaland and Sikkim are under process to notify the rules).
29 States/UTs have set up a Real Estate Regulatory Authority (Regular - 20, Interim - 09) (Lakshadweep is under process to establish its authority).
22 States/UTs have set up Real Estate Appellate Tribunals (Regular - 13, Interim – 09) (Andhra Pradesh, Assam Chhattisgarh, Goa, Himachal Pradesh, Kerala, Mizoram and Lakshadweep are under process to establish their tribunals).
Regulatory Authorities of 24 States/UTs have operationalised their websites under the provisions of RERA. (Assam, Kerala, Lakshadweep, Manipur, Puducherry & Tripura are under process).
43,208 real estate projects and 34,182 real estate agents have registered under RERA across the country.
The incumbent government has envisioned India's real estate sector as attaining international standards of transparency and accountability. With political will not being a matter of debate anymore, the question is not 'if' but rather 'by when' real estate buyers and developers can expect to deal with the other with complete confidence, anywhere in a country where no corner of the market is left unregulated.