Real Estate Regulatory Act (RERA) came into full force last year on 1st May 2017 to revive trust and confidence in the Real Estate market of India. It came into effect to bring the transparency, accountability, and regularity among builders and developers of the market. The setting up of state-level regulatory authorities to get the projects registered was the critical aspect of the act. Under the act, to keep the report of progress and sales information, projects are required to update on the quarterly basis.
Out of 29 states, 21 states have already notified the RERA rules and 13 even have an online portal, which shows that the rate of implementation of the act has been slow but steady. The status of the RERA authority in key states has been mentioned below:
|State||Status of RERA Authority
|Maharashtra||Yes||16,292 (excludes Dadra and Nagar Haveli & Daman and Diu)|
|Uttar Pradesh||Yes||769 in Gautam Buddha Nagar and 1,631 in rest of the state (Total: 2,400)|
|Tamil Nadu||Yes||480 (280 in 2017 and 200 so far in 2018)|
Review by CBRE
The implementation of RERA has taken some time but it was worth it because this act has changed a lot for better and helped in resolving several issues of real estate market like accountability, transparency and investor confidence. The report of the act has been slow but steady, but now it has to pick up a pace for better results and to see the positive changes of real estate. There is need to implement the act in remaining states and then there will be changes in the Indian real estate sector.
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