The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, is a pivotal legislation enacted by the Indian government to regulate the real estate sector. Its primary objective is to protect the interests of homebuyers while enhancing the transparency, accountability, and efficiency of the real estate industry.
Currently, several states remain without a fully established Real Estate Regulatory Authority (RERA). These include Arunachal Pradesh, Meghalaya, Mizoram, Sikkim, West Bengal, and the Union Territory of Ladakh. In these areas, only interim orders have been notified regarding RERA.
To enforce RERA effectively, Chief Secretaries of the regions lacking proper implementation are mandated to submit affidavits. These affidavits must detail the progress made toward the establishment and enforcement of RERA within 60 days following a court order.
A recent progress report indicates that all states and Union Territories, with the exception of Nagaland, have notified RERA rules. Notably, approximately 32 States and Union Territories have formed the Real Estate Regulatory Authority, and 28 have established a Real Estate Appellate Tribunal. Some regions are actively working towards creating these necessary bodies.
Across India, a total of 1,09,308 real estate projects and 77,704 real estate agents have successfully registered under RERA. Furthermore, the Real Estate Regulatory Authorities have resolved 1,11,222 complaints, showcasing their commitment to addressing homebuyer grievances.
The implementation of RERA is set to be reviewed in January of the following year. Progress reports from the relevant authorities will be presented to ensure that RERA provisions are enforced and implemented effectively.
Q1. What does RERA aim to achieve?
Answer: RERA aims to regulate the real estate sector, ensuring transparency and accountability while protecting homebuyers' interests through established guidelines.
Q2. Which states have not yet implemented RERA?
Answer: Arunachal Pradesh, Meghalaya, Mizoram, Sikkim, West Bengal, and Ladakh have not fully established RERA or notified comprehensive rules.
Q3. How many real estate projects are registered under RERA?
Answer: Currently, 1,09,308 real estate projects are registered under RERA across India, reflecting the growing adherence to this regulatory framework.
Q4. What is the role of Chief Secretaries regarding RERA?
Answer: Chief Secretaries must submit affidavits detailing progress on RERA enforcement within 60 days post-court order, ensuring accountability.
Q5. When will the next review of RERA implementation occur?
Answer: The next review of RERA implementation is scheduled for January of the following year, focusing on the effectiveness of enforcement measures.
Question 1: What is the primary purpose of RERA?
A) To regulate international real estate
B) To protect homebuyers in the real estate sector
C) To eliminate all real estate transactions
D) To increase property prices
Correct Answer: B
Question 2: Which region has not established RERA?
A) Nagaland
B) Gujarat
C) Sikkim
D) Maharashtra
Correct Answer: C
Question 3: How many projects have registered under RERA?
A) 50,000
B) 1,09,308
C) 2,00,000
D) 75,000
Correct Answer: B
Question 4: What must Chief Secretaries submit regarding RERA?
A) Annual financial reports
B) Affidavits on RERA progress
C) Project completion certificates
D) Tax returns
Correct Answer: B
Question 5: When is the next review of RERA scheduled?
A) July next year
B) January next year
C) March this year
D) December this year
Correct Answer: B
Question 6: How many states have established the Real Estate Regulatory Authority?
A) 15
B) 32
C) 28
D) 40
Correct Answer: B
Question 7: What is the significant achievement of RERA?
A) Increase in property taxes
B) Protection of homebuyers' interests
C) Decrease in registered agents
D) Elimination of real estate projects
Correct Answer: B
Kutos : AI Assistant!
