Independence for Affordable?
Will Our 74th Year of Independence Usher in Affordable Rental Housing, questions ANUJ PURI. August 2020
According to Gautam Chatterjee, Chairman, MahaRERA, “To date, 20,500-20,600 projects are registered with us, of which 13,000 are ongoing. These incomplete projects came in during the effect of the Act. On average, we have 1,000 projects registered every quarter, which is about 1 lakh apartments registered every quarter. As far as Maharashtra is concerned, I believe registration and new project launches are right on track.”
As reported by ANAROCK Property Consultants, 307 projects have been registered under RERA in Andhra Pradesh, up from a mere 61 in November 2018. Project registration in Karnataka stands at 2,530 projects with 1,342 RERA-registered real-estate agents. Following Maharashtra’s lead is Gujarat with 5,317 RERA-registered projects and 899 registered agents and agencies.
Indeed, the Centre’s push to enforce the act in each state is gaining momentum. Reports suggest that states in the Northeast such as Manipur, Meghalaya, Mizoram, Nagaland and Sikkim have also agreed to officially notify RERA rules soon. West Bengal is the only state that has notified its own real estate law under the West Bengal Housing Industry Regulatory Authority (WBHIRA).
The Act is expected to cover developers as well as real-estate agents across India. Reportedly, 22 states and six union territories have notified their RERA rules, of which 19 states have active online portals.
- DIKSHA JAWLE