2017: The Year of RERA – What is the current scenario?
The Real Estate Regulatory Act (RERA) which came into effect from 1st May 2017, was aimed at ensuring accountability, infusing transparency and bringing uniformity in practices in the real estate sector. The Central Act, which was notified during 2016, covered both on-going and new projects under its purview. However, while notifying the rules, selected states have diluted this regulation by exempting majority of the under-construction projects, along with other dilutions. As the year comes to a close, we review the implementation status of this Landmark Act. The table below highlights the status of RERA implementation across states as of December 2017:
One of the most critical aspects of the Act has been the setting up of online portals at the state level, detailing project level information for public access. These registered projects are required to be updated on a quarterly basis, highlighting the project progress and sales information. However, out of all the states which have implemented RERA in various formats, only 11 have an active online portal. The table below highlights the states which have implemented an online RERA portal and the availability of information on their respective portals:
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NBM&CW February 2018
