As many as 31,500 real estate projects across the country have been registered under Rera so far, with Maharashtra alone accounting for almost 54 per cent of the same, a report said. Around 17,125 projects in Maharashtra have been registered under Rera so far, according to a joint report by industry body Ficci and Grant Thornton.
The Real Estate (Regulation & Development) Act, 2016 came into full force from May 1, 2017, and all the states and Union territories (UTs) were supposed to notify their respective Rera rules, create online portals and appoint permanent regulators by now. All the under-construction projects, along with real builders and agents, were supposed to be registered under their respective state’s Reras.
However, as per the survey, out of a total of 35 states and UTs in the country, excluding Jammu & Kashmir, just 24 states and UTs have notified Rera rules so far, with around 25,000 real estate developers and 23,000 real estate agents having registered themselves under Rera. It further revealed that only six permanent and 17 interim Rera regulators have been appointed so far, with only 18 states having managed to have a dedicated portal.
Nearly 9,700 complaints have been filed with Rera authorities so far. “Rera authorities in various states are already gearing up to take charge of real estate in their respective states with over 31,500 projects already registered,” said Neeraj Sharma, director, Grant Thornton Advisory.
However, he added that this may not be the complete picture and the regulators need to be more stringent to ensure complete compliance by developers. According to the study, despite the enforcement of various regulations to protect the interest of all parties and stimulate the confidence of investors with timely delivery of projects, the results have not been prodigious.
“Therefore, the Centre has set up a 30-member Central Advisory Council (CAC) to advise on matters regarding Rera implementation across the nation,” the report added.