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

Centre suggests states to list power firms

Power Minister Manohar Lal urged states and union territories to consider listing their power generation, transmission, and distribution companies on stock exchanges to attract investment and improve operational efficiency. Addressing the media, after a conference of power ministers, Lal highlighted the need for increased capital inflows to meet India’s rising power demand, which has placed added strain on the sector. “With the growing power demand, there is a growing need for investment in the sector and improving operational efficiencies. States may identify and take up utilities for lis..

Next Story
Infrastructure Transport

Metro on backburner as Tricity set to get new e-buses circuit

To boost connectivity for the commuters of the Tricity, a new circuit-cum-network of electric buses (e-buses) is all set to come up that will cover Chandigarh, Panchkula, and Mohali. The move comes days after Union Minister for Housing and Urban Affairs Manohar Lal Khattar said that in Chandigarh the ridership is not according to the criteria set for operating a Metro. He had also said that the option of a pod taxi can also be explored as it will not impact the heritage of the Union Territory (UT).Officials stated that the e-buses decision intends to provide an eco-friendly public transportati..

Next Story
Infrastructure Energy

Rajasthan government plans to develop hi-tech city near Jaipur

On the lines of Gujarat International Finance Tech (GIFT) City and Hyderabad Information Technology and Engineering Consultancy (HITEC) City, Raj govt is gearing up to develop a "hi-tech city" close to Jaipur. Recently, Boston Consulting Group – a multinational consulting firm – gave a presentation on the concept of hi-tech cities, follwing which the state govt has started looking for suitable land on outskirts of Jaipur. "We are going to construct a hi-tech city on the outskirts of Jaipur. We are trying to ascertain the amount of land required for core areas of the city and for areas wh..

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