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