Centre to Review Real Estate Act
Real Estate

Centre to Review Real Estate Act

The Central government is set to conduct a review of the Real Estate (Regulation and Development) Act (RERA), which was introduced eight years ago to bring transparency, accountability, and fairness to the real estate sector. The review aims to evaluate the enforcement of orders issued by RERA authorities and assess the overall impact of the act in protecting the interests of homebuyers while ensuring a fair regulatory environment for developers. As part of the review, the Centre has sought detailed reports from state-level RERA authorities on the current status of enforcement, focusing on the efficiency and effectiveness of the orders passed.

RERA was designed to address issues related to delayed projects, non-compliance by developers, and to provide a grievance redressal mechanism for homebuyers. The review will look into how well the act has been implemented and whether RERA orders are being enforced in a timely manner. Several homebuyers and stakeholders have raised concerns over the slow pace of enforcement, particularly with respect to resolving disputes and holding developers accountable for violations.

The government’s move to review RERA comes amid growing complaints from homebuyers regarding project delays and non-adherence to approved plans. While RERA has led to more transparency in the real estate market, many believe that enforcement remains weak, with developers often circumventing the penalties imposed by the authorities. The Centre’s review could lead to amendments aimed at strengthening the enforcement of RERA provisions, ensuring that orders are effectively implemented, and providing quicker relief to aggrieved homebuyers.

By seeking feedback from RERA authorities across the country, the government aims to improve regulatory oversight, making the real estate sector more reliable and trustworthy, thus boosting homebuyer confidence and promoting sustainable growth in the industry.

The Central government is set to conduct a review of the Real Estate (Regulation and Development) Act (RERA), which was introduced eight years ago to bring transparency, accountability, and fairness to the real estate sector. The review aims to evaluate the enforcement of orders issued by RERA authorities and assess the overall impact of the act in protecting the interests of homebuyers while ensuring a fair regulatory environment for developers. As part of the review, the Centre has sought detailed reports from state-level RERA authorities on the current status of enforcement, focusing on the efficiency and effectiveness of the orders passed. RERA was designed to address issues related to delayed projects, non-compliance by developers, and to provide a grievance redressal mechanism for homebuyers. The review will look into how well the act has been implemented and whether RERA orders are being enforced in a timely manner. Several homebuyers and stakeholders have raised concerns over the slow pace of enforcement, particularly with respect to resolving disputes and holding developers accountable for violations. The government’s move to review RERA comes amid growing complaints from homebuyers regarding project delays and non-adherence to approved plans. While RERA has led to more transparency in the real estate market, many believe that enforcement remains weak, with developers often circumventing the penalties imposed by the authorities. The Centre’s review could lead to amendments aimed at strengthening the enforcement of RERA provisions, ensuring that orders are effectively implemented, and providing quicker relief to aggrieved homebuyers. By seeking feedback from RERA authorities across the country, the government aims to improve regulatory oversight, making the real estate sector more reliable and trustworthy, thus boosting homebuyer confidence and promoting sustainable growth in the industry.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000