RERA deadline ends: 23 states, UTs set up real estate regulatory body

With the deadline for the mandatory registration of ongoing projects under the RERA ending on July 31, 2017, 23 states and union territories have established permanent or interim regulatory authorities for the purpose, while six states have not yet notified the RERA rules

With the deadline of July 31, 2017, for mandatory registration of ongoing projects under the real estate rules, ending, 23 states and union territories (UTs) have either established their permanent or interim regulatory authorities for the purpose.

Under the Real Estate (Regulation and Development) Act (RERA), every state and UT must have its own regulator. Developers will not be able to market their ongoing or upcoming projects, till they register either with the permanent or interim regulator in states.

See also: What is RERA and how will it impact the real estate industry and home buyers?

For ongoing projects, where completion or occupancy certificate has not been given, the deadline for registration ended on July 31, 2017. Only four states – Gujarat, Maharashtra, Madhya Pradesh and Punjab – have established their permanent Real Estate Regulatory Authority, while 19 states/UTs have established interim authorities, an official with the Housing and Urban Affairs Ministry said.

Till now, only 23 States/UTs have notified the rules under the Act, while six states have drafted the rules but have not yet notified. A total of nine states/UTs have appointed interim Appellate Tribunals under the Real Estate Act, while only seven states have started the online registration under the Act.

Maharashtra has received about 3,700 applications for project registrations and 3,800 for agent registrations, while Gujarat got 110 applications for registration of projects and 80 for agents, the official said. Madhya Pradesh got 700 applications for registration, both, projects and agents, while Karnataka got about 160 applications for project registration and 54 for agent registrations, he added. Rajasthan received about 196 applications for project registration and 143 for agent registrations, the official said.

 

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