RERA’s Road to Success: 86% of Housing Projects Achieve Completion Milestone!
The Real Estate (Regulation and Development) Act, 2016 (RERA) has been instrumental in ensuring the timely completion of housing projects in India. According to a recent report by Anarock, 86% of housing projects launched between July 2017 and December 2018 in the top seven cities of India have been completed. This is a significant achievement, considering the fact that the Indian real estate sector has been plagued by delays and unfinished projects for many years.
RERA has played a key role in bringing about this positive change in the sector. The Act has made it mandatory for all real estate developers to register their projects with RERA before launching them. Developers are also required to disclose all relevant information about their projects, such as the project plan, timeline, and budget. This has helped to increase transparency and accountability in the sector.
In addition, RERA has also made it easier for homebuyers to get their grievances redressed. The Act has established RERA tribunals in each state to adjudicate disputes between homebuyers and developers. This has made it possible for homebuyers to get justice in a timely and efficient manner.
The timely completion of housing projects has a number of benefits for both homebuyers and the economy as a whole. For homebuyers, it means that they can finally move into their own homes and start their new lives. For the economy, it means that more people are employed and more money is spent on construction.
The success of RERA in India is a positive example for other countries that are looking to reform their real estate sectors. RERA has shown that it is possible to bring about transparency, accountability, and efficiency in the sector. This can benefit both homebuyers and the economy as a whole.
Source: Zee Business
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