The RERA Numbers: Key Insights and Registration Stats Across India
The Real Estate Regulatory Authority (RERA) came into existence as per the Real Estate (Regulation and Development) Act, 2016, which aims to govern the real estate sector in an efficient manner and bring transparency, protecting the interests of both the buyers and developers.
This act was enacted to regulate the unorganised real estate sector in India, encouraging accountability and financial discipline. Infact with implementation of RERA, the sector has demonstrated notable improvements in transparency, accountability, and consumer protection.
The aforementioned act requires every state to establish its own regulatory body and set forth guidelines to oversee the functioning of the regulator. It also mandates that every real estate project and every real estate agent dealing in these projects be registered with the State Real Estate Regulatory Authority. Also, developers must comply with the regulations and provisions of this authority.
Given below is a chart demonstrating the status of registered projects, agents and disposal of the complaints made across all states of India.
How does RERA help buyers?
RERA makes it mandatory for the developer to provide every crucial detail about the project, such as timelines and financial and legal approvals, hence maintaining transparency, so that buyers can make informed decisions regarding the property they want to invest in.
How does RERA help developers?
RERA requires buyers to make regular payments such as registration fees, maintenance charges, taxes, installment payments, and water/electricity charges. This regulation alleviates the burden on builders, who previously had to deal with frequent payment defaults. Also, buyers must occupy the residence within two months of the occupation certificate, which is good news for developers as it reduces unoccupied properties.
Thus, RERA approval of projects holds immense importance for both buyers and developers as it puts an end to real estate malpractices while also offering protection and quality assurance. The implementation of RERA has given a much needed boost to the real estate landscape, ultimately contributing to a more equitable and fair real estate sector for both parties.
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