A Move In The Right Direction: Common RERA Portal For All States/UTs By Central Government

The centre has planned to framework a common online RERA portal of all states and UTs, a move which will provide an opportunity to home-buyers, builders and authorities to exchange their views and make the overall implementation of RERA even more strong.

Announcing the government’s plan, the Housing and Urban Affairs Secretary Durga Shankar Mishra said that with the help of this portal, the real estate law will become more strong.

Under the Real Estate (Regulation and Development) Act, 2016, all states are directed to form their respective real estate regulator RERA which aims to regulate the housing sector giving proper protection to homebuyers and make transaction fair and transparent.

As many as 30 states and UTs have notified RERA, but West Bengal has notified its own real estate regulator – Housing and Industrial Regulation Act, 2017 (HIRA). In July last year, the ministry had asked the opinion of the Law Ministry over West Bengal notifying its own real estate law rather than implementing the Real Estate (Regulation and Development) Act passed by Parliament.

According to the ministry, as per the laws of Pradhan Mantri Awas Yojana (Urban), homebuyers will not be able to avail Credit Linked Subsidy Scheme (CLSS) under the mission if housing project is not registered under RERA. Under PMAY (U), homebuyers can avail an interest subsidy of up to Rs 2.67 lakh.

As many as 14,170 crores have been spent and over 6.32 lakh are beneficiaries under credit linked subsidy scheme (CLSS) under the Prime Minister Awas Yojna (Urban).

Later, Mishra told reporters that through this portal, any state RERA can study an order of other states in a particular subject. Also, home-buyers and builders can give their views on this issue.

Giving details about real estate projects on the 4th anniversary of PMAY (U), Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart Cities Mission (SCM), the Housing and Urban Affairs Secretary said that over 42,000 projects have been registered under RERA while more than 32,000 real estate agents have been registered till now.

The Housing and Urban Affairs Minister Hardeep Singh Puri expressed his confidence that the target of PMAY (U) will be achieved by the end of 2020 as against the target of 2022. The demand for total houses under the scheme is 1-crore and so far. More than 81 lakh houses have been sanctioned and the rest of the houses will be sanctioned by ist quarter of the next year. He also expressed his hopes that all the houses will be handed over to the beneficiaries by 2020. An investment of Rs. 8 lakh crores have been allocated in these 3-schemes.