RERA Consumer Complaints Resolution: 1.25 Lakh Cases Resolved
The Economic Survey 2023-24 has highlighted the transformative impact of the Real Estate (Regulation & Development) Act, 2016 (RERA) on India’s real estate sector. As of July 1, 2024, real estate regulators in states and Union Territories have resolved nearly 1.25 lakh consumer complaints against developers, showcasing the effectiveness of the RERA consumer complaints resolution mechanism, which has addressed 1,24,947 complaints to date.
RERA has greatly improved transparency and accountability within the real estate sector. To date, more than 1,30,186 real estate projects and 88,461 real estate agents have been registered under RERA, fostering a well-regulated and transparent market environment. Notably, all states and Union Territories have notified RERA rules, except Nagaland, which is in the process of finalizing its regulations. This widespread adoption underscores the importance of the RERA consumer complaints resolution process in maintaining market integrity.
A key provision of RERA requires that 70% of the funds collected from homebuyers for a project be kept in a separate bank account specifically allocated for project construction and land costs. This requirement prevents the diversion of funds and ensures financial discipline among developers, addressing issues of delayed project deliveries that plagued the sector before RERA’s enactment.
RERA also mandates comprehensive disclosures from developers about their projects, including permissions secured from authorities, launch dates, promised delivery timelines, project specifications, and amenities. This level of transparency empowers homebuyers to make informed decisions and protects them from misrepresentation or false promises.
Furthermore, RERA requires that any changes to the project layout must have the consent of two-thirds of the allottees/homebuyers. Only projects above 500 square meters and with more than eight apartments can be launched after registering with RERA, further safeguarding homebuyers’ interests.
The Economic Survey underscores RERA’s pivotal role in reshaping the Indian real estate sector by fostering transparency, accountability, and financial discipline. These measures not only protect homebuyers but also contribute to the overall health and growth of the real estate market, marking a significant milestone in India’s real estate reforms.
Read more: UltraTech Cement Q1 Results 2024: Marginal Profit Increase
for more updates follow us on instagram
