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 Urban

Fadnavis lays foundation for Rs 1.5 billion infrastructure projects

Maharashtra Deputy Chief Minister Devendra Fadnavis laid the foundation stone for key infrastructure projects in the Hudkeshwar-Narsala region, marking the beginning of a sewage line, sewage treatment plant, and road development initiative worth Rs 1.5 billion. Speaking at the event, Fadnavis highlighted the region’s rapid urban expansion, noting the need for new infrastructure to meet rising demands. "In the last decade, the Nagpur metropolis and the adjacent Hudkeshwar-Narsala area have witnessed significant growth. Infrastructure such as roads and drinking water facilities had to be deve..

Next Story
Infrastructure Transport

Bengaluru Airport City unveils 2 million sq. ft. business park

Bengaluru Airport City Limited (BACL), a subsidiary of Bangalore International Airport Limited (BIAL), has announced the launch of a 2 million square foot business park, aimed at positioning Bengaluru as a global hub for Global Capability Centers (GCCs). According to a press release, the new business park will span 17.7 acres and feature four blocks, each offering 0.5 million square feet of space. Nestled within an urban forest, the park is designed to foster a vibrant business community with advanced infrastructure, premium amenities, and ample networking opportunities. Rao Munukutla, Execu..

Next Story
Infrastructure Transport

Kolkata Metro to celebrate 40 years of service on October 24

Metro Railway, Kolkata, will mark its 40th anniversary on October 24, celebrating four decades of transforming urban transit in the city. The metro service, which began with a modest 3.4 km stretch from Esplanade to Bhawanipore (now Netaji Bhavan), has grown into an expansive network spanning 58.6 km, connecting various parts of the city. Earlier this year, the launch of Green Line 2, which links Howrah to Esplanade, made Kolkata Metro a national pioneer, as it became the first service in India to operate an underwater metro corridor beneath the Ganges. This breakthrough route has facilitated..

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