Hardeep Singh Puri, Minister of State (I/C) of Housing and Urban Affairs, has said that in this new era of RERA, we are witnessing positive transformative changes in the industry. In the 2nd year of the implementation of RERA, all the States/UTs have notified Rules under RERA except for 6 North Eastern States and the state of West Bengal. The Minister was delivering the inaugural address at the 3rd regional workshop on RERA-a new era of transparency and accountability in Real Estate-2 years of implementation and Way.
Puri noted that recently, a separate deliberation with all the north-eastern states was organized by his Ministry, wherein all the clarifications were given. He hoped that RERA will be implemented in all the states of north eastern region very soon. Puri 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.
He 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 and Maharashtra has the highest number of project and agent registration. In Maharashtra, total 18,392 projects and 17,188 Agents have been registered.
The Minister emphasised that the full benefits of RERA would be realized only when the provisions of RERA are implemented in letter and spirit. The Minister said that all the stakeholders need to make aware about the powers and other provisions of RERA, as the Act also mandates under section 33 that the Authority shall take suitable measures for the promotion of advocacy, creating awareness and imparting training about laws relating to real estate sector and policies.
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