RERA bringing positive transformative changes in Real estate industry: Hardeep Puri

New Delhi: Housing and urban affairs minister Hardeep Singh Puri has applauded the succcessful implementation of RERA stating that it has brought in ositive transformative changes in the industry.

The Minister also hoped that Real Estate (Regulation and Development) Act (RERA) will be implemented in all the states of north eastern region very soon.

“As we are in the 2nd year of the implementation of RERA, I am happy to note all the States/UTs have notified Rules under RERA except for 6 North Eastern States and the state of West Bengal,” the minister, delivering the inaugural address at the 3rd regional workshop on RERA said.

Puri also informed that recently, a separate deliberation with all the north-eastern states was organized by his Ministry, wherein all the clarifications were given.

He pointed out that till the year 2016, there was no regulator for real estate and construction sector, which is the largest employer after agriculture and housing. He said, in a landmark move, the central government, in the form of RERA, gave the real estate sector its first regulator w.e.f. from 1st May, 2016.

Puri highlighted that to bring uniformity, professionalism, and standardization in the real estate sector, RERA provides for mandatory registration of Agents and Projects. “So far 33,750 projects and 26,018 Agents have been registered pan India”, he informed. “Maharashtra has the highest number of project and agent registration. In Maharashtra, total 18,392 projects and 17,188 Agents have been registered”, he pointed out.

He also pointed out that a committee was constituted by the Government of Uttar Pradesh under chairpersonship of Secretary, MOHUA to address the issues of home buyers and affected parties of Noida, Greater Noida and Yamuna Expressway.

Puri said the recommendations of the Committee are aimed at providing solution to the completion of homes in the stalled projects of Noida, Greater Noida and Yamuna Expressway. “None of the recommendations put any additional burden on the homebuyers, rather they will smoothen completion of the projects to deliver possession to home buyers at the earliest”, he said.