Maharashtra most proactive state to put RERA into effect

By: |
Mumbai | Published: January 18, 2019 3:51:48 AM

Maharashtra is the most proactive state to implement the Real Estate (Regulation and Development) Act, 2016, according to CARE, the rating and research agency.

rera, real estate sector, real estate industryThe real estate Act was enacted to protect the interest of the homebuyers and boost investment in the sector.

Maharashtra is the most proactive state to implement the Real Estate (Regulation and Development) Act, 2016, according to CARE, the rating and research agency. Other states that are actively registering real estate projects are Uttar Pradesh, Delhi, Rajasthan and Haryana.

The RERA Act, 2016, which came into effect from May 1, 2017, has around 34,600 projects and 26,800 real estate agents being registered under the act, as of November 28, 2018.

The report said that except Jammu and Kashmir, where the act is not applicable, 28 states and seven union territories (UTs) have notified rules under Rera and six northeastern states — Arunachal Pradesh, Sikkim, Manipur, Meghalaya, Mizoram and Nagaland — along with West Bengal have enacted their own act called Housing and Industry Regulation Act.

The real estate Act was enacted to protect the interest of the homebuyers and boost investment in the sector. The provisions like timely completion and delivery of projects to the buyers and making the information of the project plan, layout, government approvals, land title status, and sub-contractors available, consent of two-thirds of the allottees on any alteration or addition in the project, and other such provisions, would bring in more transparency and accountability in the real estate sector.

Under the Act, all the states have to form the regulatory authority and frame the rules that will govern the functioning of the regulator.

The ministry of housing and urban affairs records that 18 states and five UTs (excluding Lakshadweep and Puducherry) have set up and operationalised their web portal till November last year. This means that 30 % of the states are yet to establish the web portal and registration process.

Only 12 states and three UTs namely National Capital Territory (NCT) of Delhi, Daman and Diu, and Dadra and Nagar Haveli, have established permanent regulatory authority and 10 states and three UTs namely Andaman and Nicobar Islands, Chandigarh and Puducherry have interim regulatory authority.

Also read: Mukesh Ambani’s Jio posts profit for the fourth quarter in a row; customer base rises to 28 crore

The ministry also shows that many states are yet to establish the appellate tribunal under the act and only Haryana, Madhya Pradesh, Maharashtra, Uttar Pradesh and Tamil Nadu have operationalised a permanent appellate tribunal. Andaman and Nicobar islands, Dadra and Nagar Haveli, Daman and Diu and Puducherry are the only UTs to establish a permanent appellate tribunal.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition
FinancialExpress_1x1_Imp_Desktop