More than 30,000 real estate projects and 25,000 agents across the country have come under the RERA Act since it was implemented in 2016, Union Minister Hardeep Singh Puri said here Friday.
“All real estate agents have to get themselves registered with the Authority before facilitating on behalf of any person to facilitate the sale or purchase of any real estate property”, he said. So far more than 32,500 real estate projects and more than 25,000 agents had been registered under RERA across the country, the Minister of State (Independent Charge) for Housing and Urban Affairs, said. The minister said the Centre passed the Real Estate Regulation and Development Act (RERA) of May 2016 with an aim to establish an authority to regulate the real estate sector and ensure efficient and transparent transactions.
RERA also seeks to address vital issues of fair transactions, timely delivery and quality construction, he said. Puri was making those comments after inaugurating a regional workshop “RERA-a new era of transparency and accountability in real estate two years of implementation and way ahead”.
The Minister said six north eastern states and west Bengal were yet to issue the notification of rules under RERA. Of the 27 states and union territories which had notified RERA, 20 had set up Real Estate Appellate Tribunals, he said. With implementation of RERA, the real estate sector would usher in standardised processes and procedures that the industry needs, he said. “RERA, along with other policy initiatives like granting industry status to affordable housing, extending concessional tax rate on interest for qualifying foreign debt will make India more investment friendly.”, he said.