Even After Four Years RERA Rules Still Have Shortcomings Which Need To Be Worked On

Four years after its enactment, the on-ground implementation of Real Estate (Regulation and Development) Act, 2016 (RERA) regulations remains patchy even as the law has helped thousands of homebuyers redress their grievances across the country, say experts. RERA authorities in different states have disposed of 48,556 cases since all provisions of the Act came into force in May 2017, as per data from the housing and urban affairs ministry. But experts said a lot more needs to be done on ground to make any noticeable change for consumers.

“We can’t merely say that so many orders have been disposed of,” said Abhay Upadhyay, a member of the RERA central advisory council under the housing ministry. “The past orders need implementation as buyers need to know how many actually got a refund and possession of the property. Builders who do not obey the order should be penalised on a daily basis, as per Section 63 of RERA,” he said.“The homebuyers’ community is losing trust on RERA authorities, which is facilitating the demise of RERA,” Upadhyay said.

However, it’s widely observed that the landmark regulation has made the real estate sector more transparent, standardised and efficient. “One of RERA’s primary functions is addressing real estate consumers’ grievances with nearly 57% cases, or approx. 27,581 complaints, were resolved in the last one year alone,” said Anuj Puri, chairman of Anarock Property Consultants.

This calendar year Haryana has taken the lead by resolving 6,758 cases till July. Overall, the state has disposed of 9,919 cases in three years.

Project registrations under RERA saw 24% growth to around 53,364 projects over the last three years.

(Source: Economic Times)