RERA: Soon to be a reality

The real estate sector got its own regulator from 1 May 2017, when the Real Estate (Regulation and Development) Act, 2016 (RERA) became effective in the entire country. Each State and UT will have its own Regulatory Authority (RA) which will frame regulations and rules according to the Act. RERA is aimed to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.

A total of 14 States and Union Territories (UTs) have notified the real estate regulatory authority rules till now, while other 14 are in advance stages of notifying it, according to Rajiv Ranjan Mishra, Joint Secretary, Ministry of Housing and Urban Poverty Alleviation (HUPA).

The states have another three months starting 1 May 2017 for notifying their respective RERA rules and form a regulator. All the real estate projects and property agents also have to be registered with regulatory authorities by 31 July 2017.

Source: Economic Times