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Five Years of RERA have been transformational for the Realty Industry

Five Years of RERA have been transformational for the Realty Industry
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Four years on, RERA registers 63,583 projects, disposes of 65,539 complaints

Four years on, RERA registers 63,583 projects, disposes of 65,539 complaints Four years after the implementation of RERA, as many as 65,539 cases have been disposed of by the respective state authorities as of 24 April 2021, according to data by the Ministry of Housing and Urban Affairs. Out of this, nearly 40% cases (approx. 26,510 complaints) were resolved in Uttar Pradesh alone, followed by Haryana with 13,269 cases and Maharashtra with 9,265 cases. The three states cumulatively accounted for nearly 75% of the total disposed cases under RERA in the country. Project and real estate agent registrations under RERA have also been growing steadily. As of 24 April 2021, nearly 63,583 projects and 50,256 real estate agents have been registered under RERA across the country. Back in the corresponding period in 2019, about 40,155 projects and 29,208 real estate agents were registered. This amounts to an increase of 58% and 72% respectively over the last two years.

Builders cannot escape RERA with invalid completion certificates: HC

Certificates obtained without completing project not valid, says judge Builders and real estate developers cannot escape from the Real Estate (Regulation and Development) Act of 2016 if they had obtained completion certificates without completing the project in all respects and without providing amenities, such as approach roads, water facilities, drainage connections and so on, as agreed between them and the purchasers, the Madras High Court has held. Justice S.M. Subramaniam held that “mere completion of structural building is insufficient to arrive a conclusion that it is a ‘completion’ within the meaning of the provisions of the RERA or under the Tamil Nadu Town and Country Planning Act of 1971… Even in common parlance, the word ‘completion’ would only mean substantial completion in accordance with the contract between the parties.”

RERA: What India s First Real Estate Regulatory Act Seeks to Achieve And Why It s Necessary

»RERA: What India s First Real Estate Regulatory Act Seeks to Achieve And Why It s Necessary 3-MIN READ RERA: What India s First Real Estate Regulatory Act Seeks to Achieve And Why It s Necessary Workers paint the exteriors of a newly constructed residential building on the outskirts of Kolkata, India, July 5, 2019. (Reuters) The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector. FOLLOW US ON: Minister of Housing and Urban Affairs, Hardeeop Singh Puri in an article on Wednesday wrote, Real Estate (Regulation and Development) Act (RERA) has transformational provisions, conscientiously addressing issues which have been a constant bane for the sector.

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