From the introduction of the Real Estate Regulation and Development Act (RERA), the real estate sector has seen some deep regulations for developers as well as real estate agents. As of now, 20,000 real estate projects have been registered under RERA from across the country.
With reference to the stats, more than half of the registered projects are covered in Maharashtra.
As per ministers of Housing and Urban Ministry, more than 2,000 projects have been brought under Rera in UP and more than 1000 projects in Noida.
In Karnataka, projects that are 60% complete have been kept out of RERA ambit. Andhra Pradesh, Maharashtra and Haryana have also given certain exemptions to projects.
Till now, 26 States and Union territories have notified the RERA rules under the Act and 6 of them have established the regulatory authority.
Source: Times of India