Hardeep Singh Puri, the union housing and urban affairs minister said that over 30,000 real estate projects and 25,000 agents across the country have come under the RERA [Real Estate Regulatory Act] Act from the time of its implementation in the year 2016.
The union minister also said that, “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.”
Hardeep Singh Puri also informed that till now more than 32,500 real estate projects and over 25,000 agents had been registered under RERA across the country.
He further said that the Narendra Modi-led Union Government passed the Centre passed the Real Estate Regulation and Development Act [RERA] of May 2016 with the aim to establish an authority to regulate the real estate sector and while ensuring efficient and transparent transactions. The RERA authority ensures addressal of vital issues in regard with fair transactions, timely delivery and quality construction.
The union minister was talking after an inaugural function of a regional workshop and said that “RERA-a new era of transparency and accountability in real estate two years of implementation and way ahead”.
Hardeep Singh Puri, also informed that six northeastern states and West Bengal were yet to issue the notification of rules under RERA.
Out of the 27 states and union territories who notified RERA, 20 had set up Real Estate Appellate Tribunals. The union minister for housing and urban affairs said that “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.”