RERA implemented in 30 states and UTs with 67k project registrations
Real Estate

RERA implemented in 30 states and UTs with 67k project registrations

Rajya Sabha was informed on Wednesday the Real Estate Regulatory Authority (RERA) has been established in thirty states and union territories, and 67,669 projects have been registered under the central real estate law as of July 23.

Minister of State for Housing and Urban Affairs Kaushal Kishore said in a written response to a question that 70,601 complaints have been resolved by state Real Estate Regulatory Authorities as of 23rd July 2021.

During the same period, Kishore informed that 52,284 agents were registered under the RERA.

Under the Real Estate (Regulation and Development) Act of 2016, all states are required to establish their real estate regulator, known as RERA, which protects house buyers.

The minister told the media that as of July 23 2021, 67,669 Real Estate Projects and 52,284 Real Estate Agents have been registered under RERA, according to information provided by various Real Estate Regulatory Authorities.

The Rajya Sabha passed the Real Estate (Regulation and Development) Act, 2016 on March 10, 2016, and the Lok Sabha passed it on March 15, 2016. On March 25, 2016, the President signed the bill that was passed by Parliament.

The Real Estate (Regulation and Development) Act, 2016 (RERA) ushers in a new era in the Indian real estate market, as well as a step toward reform, citizen-centricity,encouraging greater openness, accountability, and financial discipline.

The primary goal of this groundbreaking legislation is to ensure that the real estate industry is regulated and promoted efficiently and transparently, as well as to protect the interests of house buyers.

The Real Estate Act requires each state and union territory to establish its regulator and set forth the guidelines that will regulate the authority's operations.

Image Source


Also read: RERA has created an implicit trust in Indian real-estate consumers

Also read: UP-RERA nods nine-month extension for project registration

Rajya Sabha was informed on Wednesday the Real Estate Regulatory Authority (RERA) has been established in thirty states and union territories, and 67,669 projects have been registered under the central real estate law as of July 23. Minister of State for Housing and Urban Affairs Kaushal Kishore said in a written response to a question that 70,601 complaints have been resolved by state Real Estate Regulatory Authorities as of 23rd July 2021. During the same period, Kishore informed that 52,284 agents were registered under the RERA. Under the Real Estate (Regulation and Development) Act of 2016, all states are required to establish their real estate regulator, known as RERA, which protects house buyers. The minister told the media that as of July 23 2021, 67,669 Real Estate Projects and 52,284 Real Estate Agents have been registered under RERA, according to information provided by various Real Estate Regulatory Authorities. The Rajya Sabha passed the Real Estate (Regulation and Development) Act, 2016 on March 10, 2016, and the Lok Sabha passed it on March 15, 2016. On March 25, 2016, the President signed the bill that was passed by Parliament. The Real Estate (Regulation and Development) Act, 2016 (RERA) ushers in a new era in the Indian real estate market, as well as a step toward reform, citizen-centricity,encouraging greater openness, accountability, and financial discipline. The primary goal of this groundbreaking legislation is to ensure that the real estate industry is regulated and promoted efficiently and transparently, as well as to protect the interests of house buyers. The Real Estate Act requires each state and union territory to establish its regulator and set forth the guidelines that will regulate the authority's operations. Image Source Also read: RERA has created an implicit trust in Indian real-estate consumers Also read: UP-RERA nods nine-month extension for project registration

Next Story
Infrastructure Transport

Cabinet Approves Key Highway and Rail Projects in Bihar Region

The Union Cabinet on Wednesday approved the four-laning of the 84.2-km Mokama-Munger section of the Buxar-Bhagalpur high-speed corridor, a key industrial region in poll-bound Bihar. The Cabinet also sanctioned the doubling of the 177-km Bhagalpur-Dumka-Rampurhat railway line, which passes through Bihar, Jharkhand, and West Bengal, at a cost of Rs 31.7 billion.The Rs 44.5 billion highway project will be constructed under the hybrid annuity model, a variant of public-private partnership. The Mokama-Munger stretch was the only remaining two-lane section of the 363-km Buxar-Bhagalpur corridor. Fou..

Next Story
Infrastructure Transport

NGT Issues Notice on Bengaluru Twin Tunnel Project

The National Green Tribunal (NGT) on Wednesday issued notices in response to a petition filed by Bengaluru Praja Vedike and others, challenging the Bengaluru twin tunnel road project. Petitioners claim the project was “hastily announced” and bypassed mandatory environmental impact assessment procedures.Notices have been served to the Karnataka Government, Greater Bengaluru Authority, State Environment Impact Assessment Authority (SEIAA), Bengaluru Smart Infrastructure Ltd (B-SMILE), the Union Ministry of Environment, Forest and Climate Change, and project consultants.The 16.74-km twin-tube..

Next Story
Real Estate

India’s Residential Sales to Dip Slightly in FY26

Residential sales in India’s seven major cities are projected to decline by up to 3 per cent year-on-year in FY26 to 620–640 million square feet (msf), amid a moderation in sales velocity, according to ratings agency Icra.In FY25, sales stood at 643 msf, down 8 per cent YoY, following a sharp contraction in new launches and moderated demand in the affordable and mid-income segments. This slowdown came after the sector posted a robust compound annual growth rate of 26 per cent in area sales between FY22 and FY24.Icra noted: “Having seen a strong upcycle, the sector entered an equilibrium ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?