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'Over 31k realty projects under Rera so far; Maha leads race'

Press Trust of India  |  Mumbai 

As many as 31,500 projects across the country have been registered under so far, with alone accounting for almost 54 per cent of the same, a report said.

Around 17,125 projects in have been registered under so far, according to a joint report by industry body Ficci and

The (Regulation & Development) Act, 2016 came into full force from May 1, 2017, and all the states and Union territories (UTs) were supposed to notify their respective rules, create and appoint permanent regulators by now.

All the under-construction projects, along with real builders and agents, were supposed to be registered under their respective state's Reras.

However, as per the survey, out of a total of 35 states and UTs in the country, excluding Jammu & Kashmir, just 24 states and UTs have notified Rera rules so far, with around 25,000 developers and 23,000 having registered themselves under Rera.

It further revealed that only six permanent and 17 interim Rera regulators have been appointed so far, with only 18 states having managed to have a dedicated portal.

Nearly 9,700 complaints have been filed with Rera authorities so far.

"Rera authorities in various states are already gearing up to take charge of real estate in their respective states with over 31,500 projects already registered," said Neeraj Sharma, director, Advisory.

However, he added that this may not be the complete picture and the regulators need to be more stringent to ensure complete compliance by developers.

According to the study, despite the enforcement of various regulations to protect the interest of all parties and stimulate the confidence of investors with timely delivery of projects, the results have not been prodigious.

"Therefore, the Centre has set up a 30-member Central Advisory Council (CAC) to advise on matters regarding Rera implementation across the nation," the report added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 10 2018. 17:10 IST