The Housing and Urban Affairs Ministry has released a latest data on the RERA registration Act which shows that a total of 34,893 projects have been registered under the same till date. Apart from it, around 27,073 real estate developers have also registered themselves under the act.
The data also informed that till now 28 states and Union Territories have enacted RERA rules in their respective states. Out of this, 15 states/UTs have enacted the regular one, while the other 13 have interim RERA.
The ministry further informed that around Nine states/UTs have set up regular Real Estate Appellate Tribunal while 12 states have set up interim Real Estate Appellate Tribunal.
However, among all the states, West Bengal is the only one to follow his own RERA rules. On this, the Housing Ministry said that they have advised the state authorities to notify the rules under the Central Government’s Real Estate (Regulation & Development) Act of 2016.
In order to safeguard the rights of a home buyer, the Central Government has established RERA in 2016. Under this act, it has become mandatory for all the real estate developers to register themselves as well as their projects under their respective State RERA authorities. The act has brought a big relief among the home buyers who are facing several issues due to delay possession of their flats.
To save home buyers from any financial breakdown, the act has made it compulsory for developers to develop a separate escrow account wherein 70% of the money will be deposited in the same account. In case of any failure in the timely delivery of the project, a penalty of up to 10 percent of the project cost or three years’ imprisonment may be imposed on the developers, says RERA act.