Real Estate (Regulation and Development) Act, 2016 was implemented last year on May 01,2017 and now it is going to complete a year and if we look at the developments since its genesis then we can infer that everything seems to be appropriately in line.
Development since the implementation of the RERA Act.
- Till now 27 states and Union Territories have notified their rules and 16 states and union territories have launched their fully functional portal for the registration of Real Estate Projects and Agents.
- The Two states Kerala and West Bengal have drafted their rules but still not notified. West Bengal rather implementing the central RERA Act will make its own act i.e. West Bengal Housing Industry Regulation Act 2017.
- Amongst all the states, Maharashtra, Madhya Pradesh, Punjab and Gujarat are the leading runners if we talk about the implementation of RERA.
- Since the implementation of RERA, 27000 projects have been registered so far and application for agents are approximately 17000 in numbers.
Some of the aggrieved Home-Buyers are still of the opinion that though the rules have been notified but States have diluted the Central Act and it is favouring the Builder as many states have given the definition of “ongoing project” where they have excluded the project for which lease/transfer deed for 50-60 percent of the apartments has been done or which OC and CC received by the builder.
- The Establishment of the Real Estate Regulatory Authority was also the onus of the States and so far only 8 States and Union Territories have been able to do so on permanent basis and the remaining 19 states only have their interim Real Estate Regulatory Authority only.
- And further if we talk about the establishment of Appellate Tribunal, only 3 States and Union Territories have set up the regular Appellate Tribunal; 13 States and Union Territories only have their interim Appellate Tribunal.
Despite of the good quantum of the developments, some of the experts still thinks that the implementation of the RERA Act is very sluggish as it is being more than 2 years since it was passed by the both of the houses of the parliament but when we compare the pace of the implementation of RERA Act with the GST then it is evident that Ministry of Finance has won the race from Ministry of Housing and Urban Affairs.
In the light of the above we can conclude and reach to the outcome that after the implementation of the RERA Act a satisfactory development has been done but still it has long way to go for the better and smooth functioning. But now eventually people have some door to knock where they can ask for the remedies for their grievances. RERA is acting as a propeller for the Real Estate industry where no malicious practices of the Builders will be tolerated.
Disclaimer – The above points are based on the personal interpretation and understanding of the RERA rulings, which may differ person to person. The readers are expected to take expert opinion before placing reliance on it.