Over 30,000 realty projects and 25,000 agents, under RERA act

Under the rules of RERA, six northeastern states and West Bengal were yet to issue the notification of rules.

rera actThe RERA Act was implemented in the year 2016 with an aim to establish an authority to regulate the real estate sector and ensure efficient and transparent transactions. Across the country, under the act, more than 30,000 real estate projects and 25,000 agents across the country have come, said Union minister.

He further said, “All real estate agents have to get themselves registered with the Authority before facilitating on behalf of any person to facilitate the sale or purchase of any real estate property.”

Across the country, the registration of more than 32,500 real estate projects and more than 25,000 agents had been done so far said the Minister of State (Independent Charge) for Housing and Urban Affairs.

He further said that RERA seeks to address vital issues of fair transactions, timely delivery, and quality construction as well.

The Minister said under RERA six northeastern states and West Bengal was yet to issue the notification of rules.

20 states of 27 states and union territories which had notified RERA had set up Real Estate Appellate Tribunals. He further explained that “RERA, along with other policy initiatives like granting industry status to affordable housing, extending concessional tax rate on interest for qualifying foreign debt will make India more investment-friendly.”

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