Business News | Much Distance Covered in Implementation of RERA but Lot Needs to Be Done: Hardeep Puri
Get latest articles and stories on Business at LatestLY. In order to protect the interest of homebuyers and to ensure transparency and accountability in the real estate sector, Parliament had enacted The Real Estate (Regulation and Development) Act, 2016 (RERA).
New Delhi [India], May 10 (ANI): Hardeep Puri, Union minister for housing and urban affairs has complimented the distance traversed in the implementation of the Real Estate (Regulation and Development) Act and the also its success stories and also stated that lot more needs to be done to utilize the full potential of this important legislation.
The 4th meeting of the Central Advisory Council (CAC) constituted under RERA under Puri's chairmanship was held here on Monday.
"Various issues related to the implementation of RERA, issue of non-compliance of orders passed by Regulatory Authorities, concerns related to the safety of construction workers, issue of legacy stalled projects, issue of dilution of provisions of RERA and awareness campaign for RERA were deliberated in detail," said Ministry of Housing and Urban Affairs in a release.
The release added in compliance with the decision taken in its 3rd meeting, a committee has been constituted under the chairmanship of Amitabh Kant, G-20 Sherpa with the objective to examine and recommend ways to complete the legacy stalled projects and to handover the homes to the homebuyers in a time bound manner.
In order to protect the interest of homebuyers and to ensure transparency and accountability in the real estate sector, Parliament had enacted The Real Estate (Regulation and Development) Act, 2016 (RERA).
The regulatory authorities established under the Act must publish and maintain a web portal, containing relevant details of all real estate projects for which registration has been given, for public viewing.
As per information available with the Ministry of Housing and Urban Affairs (as on March 13, 2023), all States/ UTs have notified rules under RERA except Nagaland. 32 States/UTs have set up Real Estate Regulatory Authority and 28 States/UTs have set up Real Estate Appellate Tribunal. (ANI)
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