Maharashtra accounts for around 17,125 projects registered under the RERA so far, out of a total of 31,500 registered projects, says a joint report by industry body FICCI and Grant Thornton. The Real Estate (Regulation and Development) Act, 2016 (RERA) came into full force from May 1, 2017 and all the states and union territories (UTs) were supposed to notify their respective RERA rules, create online portals and appoint permanent regulators, by now. All the under-construction projects, along with real builders and agents, were supposed to be registered under their respective state’s RERAs.
However, as per the survey, out of a total of 35 states and UTs in the country, excluding Jammu and Kashmir, just 24 states and UTs have notified their RERA rules so far, with around 25,000 real estate developers and 23,000 real estate agents having registered themselves under the RERA. It further revealed that only six permanent and 17 interim RERA regulators have been appointed so far, with only 18 states having managed to have a dedicated portal.
See also: RERA provisions would apply to long-term lease agreements: Bombay HC
Nearly 9,700 complaints have been filed with the RERA authorities so far.
“RERA authorities in various states are already gearing up, to take charge of real estate in their respective states with over 31,500 projects already registered,” said Neeraj Sharma, director, Grant Thornton Advisory. However, he added that this may not be the complete picture and the regulators need to be more stringent, to ensure complete compliance by developers.
According to the study, despite the enforcement of various regulations to protect the interest of all parties and stimulate the confidence of investors with timely delivery of projects, the results have not been prodigious. “Therefore, the centre has set up a 30-member Central Advisory Council (CAC), to advise on matters regarding the RERA’s implementation across the nation,” the report added.
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