The Central Government plans to set up a common online platform for the Real Estate Regulatory Authority (RERA) of all states and UTs in the near future. This platform will offer an opportunity for all including the home-buyers, developers and authorities to exchange views.
Durga Shanker Mishra, Secretary, Housing and Urban Affairs said that this platform will make the real estate law more strong.
The Real Estate (Regulation and Development) Act, 2016, makes it compulsory for all the States to form their respective real estate regulator in order to protect home buyers rights.
Mishra was quoted saying that, we are working to introduce a common platform where RERA of all states and Union Territories (UTs) can exchange their views. With this, RERA will be more strong.
As per the ministry, the homebuyers cannot avail the subsidy under the Credit-Linked Subsidy Scheme [CLSS] under the Pradhan Mantri Awas Yojana (Urban), in case the real estate project is not registered under RERA.
The beneficiaries are offered an interest subsidy of Rs. 2.67 lakhs under the Pradhan Mantri Aawas Yojna (Urban).
Secretary, Housing ministry also said that the state RERAs can study other states in a particular matter.
While sharing the details about real estate projects on the fourth anniversary of PMAY (U), AMRUT and Smart Cities Mission, the Secretary said that more than 42,000 projects have been registered under RERA and over 32,000 real estate agents have been registered till now.
Hardeep Singh Purim, Ministry for Housing and Urban Affairs said that the implementation of the central real estate law has made a very big difference. He further said that RERA is a real estate regulator and it let the homebuyers to register their complaint against the developers.
On the same line, Secretary, Housing and Urban Affairs ministry said that RERA is notified by 30 states and UTs, however, West Bengal has notified its own real estate regulator named Housing and Industrial Regulation Act, 2017 (HIRA).
In July last year, the ministry sought Law ministry’s opinion in context with West Bengal’s introduction of its own real estate law instead of implementing the Real Estate (Regulation and Development) Act enacted by Parliament.
The Union Ministry for Housing and Urban Affairs also said that over 81 lakh homes with an investment of Rs. 4.83 lakh crore are sanctioned under Pradhan Mantri Awas Yojana (Urban) in the last four years.
Ministry said that the we are way ahead in the from the target of providing Housing for All by 2022 and this is beneficial to meet the objective to provide housing units to the urban population of the country.
Out of the total dwelling units, approximately 48 lakh homes are at multiple stages of constructions, the construction of 26 lakhs homes is complete and possession of other 26 lakhs residential units is already given. Apart from this, more than 13 lakh houses are being constructed by using new technologies.
The Union Government has given financial assistance of Rs. 1.26 lakh crore and Rs. 51,000 crore are already sanctioned.
Over 6.32 lakh persons availed benefit under the Credit Linked Subsidy Scheme (CLSS) from 2015 till 2019.