Centre Plans Common Platform For RERA Authorities of All States and UTs
The government on June 25, 2019 said a common online platform for that joins all state and union territory real estate regulatory authorities (RERA) must be set up to provide homebuyers a more effective platform to voice their concerns. This platform would also be instrumental in promoting better interaction among homebuyers, developers and authorities, according to the government.
Better co-ordination would prevail as state authorities would have access to the orders made by their peers which could act as a guiding principle for all of this. This would also help state authorities passing contrary orders. This platform would also encourage buyers and developers to have open discussions and exchange information. The integrated website will also provide homebuyers with all the current updates regarding the housing sector.
"We are working to introduce a common platform where RERAs of all states and UTs, can exchange their views. With this, RERA will be stronger," Housing and Urban Affairs Secretary Durga Shanker Mishra, was quoted as saying in a PTI report. The centre will provide all the assistance needed for the creation of this platform.
Under the Real Estate (Regulation & Development) Act, 2016, all states are mandated to constitute their respective real estate regulator which provides protection to homebuyers. So far, over 42,000 projects have been registered under RERA. Over 32,000 real estate agents have been registered under various state authorities.
The RERA has been implemented across 30 states and UTs across the country. West Bengal and four north-eastern states have yet to set up the authority.
In another announcement, the housing ministry said that homebuyers investing in a property through the Pradhan Mantri Awas Yojana-Urban (PMAY-U) would not be able to avail of benefits under the credit-linked subsidy scheme (CLSS) if the project was not registered with RERA. So far, over 2.6 lakh homebuyers have availed of the interest subsidy under the PMAY-U.
With inputs from Housing.com News