• UGI USER
  • Apr 01, 2024
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GOVT REVIEWS RERA FUNCTIONING, BEGINS MEETINGS WITH HOMEBUYERS

Why in the news?

The Union Ministry reviews Real Estate Act’s implementation, holds meetings with homebuyers, and considers future amendments.

Highlights of the Review Process Initiated:

  • Union Ministry of Housing and Urban Affairs reviewing the Real Estate (Regulation and Development) Act, 2016.
  • Ministry holding regular meetings with homebuyers to gather feedback for potential future amendments.
  • No immediate proposal for amendments, but groundwork being laid.
source:nammafamily
About the Real Estate (Regulation and Development) Act, 2016:

●   Aims for real estate sector reform with transparency, accountability, and financial discipline.

●    States and union territories must establish their regulators and rules.

●   Mandates project and agent registration with the State Real Estate Regulatory Authority.

●   Promoters must register projects before sale.

●   Requires 70% buyer funds in escrow for construction.

●   Offers fast-track dispute resolution via Regulatory Authority and Appellate Tribunals nationwide.

National Real Estate Development Council (NAREDCO):

●   Established in 1998 under the Ministry of Housing and Urban Affairs.

●   Autonomous self-regulatory body aiming to enhance transparency and ethics in the real estate sector.

●   Seeks to transform India’s unorganised real estate industry into a globally competitive sector.