In the latest report by two industry body giants, it has been revealed that as many as 31,500 real estate projects have been registered under RERA across the country till date. The report has been published jointly by FICCI and Grant Thornton showcase that Maharashtra is topping the list alone accounting for almost 54 percent of the same.
The report also says that out of the total 31,500 projects, around 17,125 projects have been registered under RERA in Maharashtra only. Apart from this, nearly 9,700 complaints have been filed with RERA authorities so far.
Giving more information on this, Neeraj Sharma, director, Grant Thornton Advisory said, “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,”
He further said that in order to improve this picture more, RERA authorities have to be more stringent to ensure complete compliance by developers.
The Real Estate (Regulation & Development) Act, 2016 came into full force from May 1, 2017, under which all the states and Union territories (UTs) are supposed to notify their respective RERA rules, create online portals and appoint permanent regulators.
Both newly launched projects, as well as on-going projects whose completion/occupancy certificate has not been received, are mandatory to register under RERA. For ongoing projects, developers had to make an application to the authority for registration of projects within a period of three months from the date of commencement of this Act.
Real estate agents are also required to register, so as to avoid any fraudulent activity. Other than that, developers are also told to set aside 70 percent of the funds collected from buyers in a separate escrow account to ensure that their projects are completed on time and also to avoid any misuse of funds.