The Actual Property (Regulation and Improvement) Act (RERA), has gained huge traction ever because it was launched in India, significantly in dealing with shopper complaints. In accordance with the information from the ministry of housing and concrete affairs (MoHUA), as of November 28, 2023, the related state authorities resolved as much as 1,16,300 circumstances. Out of this, 38 per cent of the circumstances had been resolved in Uttar Pradesh alone, adopted by Haryana (18 per cent) and Maharashtra (13 per cent). The three states cumulatively accounted for practically 69 per cent of the entire disposed circumstances beneath RERA within the nation.
Registrations for tasks and actual property brokers beneath RERA have additionally been rising steadily. Nearly 1,16,117 tasks and 82,755 actual property brokers nationwide had been registered beneath RERA as of November 28, 2023. Roughly, 71,307 tasks and 56,177 actual property brokers had been registered over the identical interval in 2021. This represents a 63 per cent and 47 per cent development, respectively, over the earlier two years.
“Resolving house purchaser considerations is without doubt one of the fundamental capabilities RERA has been demonstrably fulfilling. Greater than 1.16 lakh shopper complaints have been dealt with by numerous state and Union territories. During the last two years, the tempo of undertaking and actual property agent registrations has not slowed down. In truth, over the previous two years, undertaking registrations have elevated dramatically by 63 per cent. Additionally, RERA authorities of varied states and UTs have resolved over 37,397 shopper complaints on this interval. Uttar Pradesh has resolved the very best variety of circumstances. Contemplating how severely Noida and Better Noida in UP had been impacted by unscrupulous gamers, that is noteworthy,” mentioned Anuj Puri, chairman, ANAROCK Group.
Nearly all states and UTs have notified guidelines beneath RERA, besides Nagaland. West Bengal, which earlier enacted its personal laws, was challenged on this by MoHUA earlier than the Supreme Courtroom. In March 2022, the apex courtroom struck down the West Bengal Housing Business Regulation Act, 2017 (WBHIRA), observing that it overlapped with RERA. Thirty-two states and UTs have arrange an actual property regulatory authority since its implementation, and of this no less than 5 are interim. Ladakh, Meghalaya, Nagaland and Sikkim are but to determine RERA.
Twenty-eight states/UTs have arrange actual property appellate tribunal for disposing of shopper complaints, together with 4 as interim. Arunachal Pradesh, Jammu and Kashmir, Ladakh, Meghalaya, Mizoram, Nagaland, West Bengal and Sikkim are but set up theirs. Regulatory authorities of 30 states/UTs have operationalized their web sites beneath RERA provisions. Arunachal Pradesh, and Manipur are beneath course of to operationalise. Twenty-six states/UTs have appointed adjudicating officers, whereas 10 states/UTs i.e., Arunachal Pradesh, Bihar, Manipur, Meghalaya, Nagaland, Sikkim, Uttarakhand, West Bengal, Jammu and Kashmir, Ladakh are but to take action.