What is RERA Advisory?

Kishan Thakkar K

Introduction

Before understanding the RERA advisory, we will understand both terms, here advisory means possessing the ability to make recommendations but not to act on them. The objective of RERA is to protect the interests of property buyers and to increase investment in the sector. The law came into force on May 1, 2016.

What is RERA Advisory?

RERA Advisory wants to establish a governing body to benefit the consumers or buyers in this sector. In addition, it highlights several important concerns that have caused difficulties in the past for the homebuyers, such as the on-time delivery of the housing project and the quality of construction.

RERA registration in states and union territories, as on November 2021

State/ union territoryNotification status
Arunachal PradeshNotified (Website yet to be launched)
AssamNotified (Website yet to be launched)
KeralaNotified (Website launched)
ManipurNotified (Website yet to be launched)
MeghalayaNotified (Website yet to be launched)
MizoramNotified (Website launched)
NagalandTo be notified soon
SikkimNotified (Website yet to be launched)
TripuraNotified (Website launched)
West BengalNotified under HIRA (Website yet to be launched)
LakshadweepNotified (Website launched)
PuducherryNotified (Website launched)

States and union territories with active RERA websites

State/ union territoryRegistered projects, as on December 2020Registered agents
Andhra Pradesh1,321119
Bihar939317
Chhattisgarh1,194512
Goa
Gujarat7,7911,353
Haryana4201,398
Himachal Pradesh7166
Jharkhand4334
Karnataka4,4742,478
Madhya Pradesh2,822738
Maharashtra27,76226,620
Odisha40548
Punjab9742,162
Rajasthan1,3951,816
Tamil Nadu736 (only in 2020)500+
Telangana2,417
Uttar Pradesh1,5234,188
Uttarakhand13983
Andaman and Nicobar Island
Dadra and Nagar Haveli – Daman and Diu962
Delhi (National Capital Territory of Delhi)1870

Need of the RERA advisory

Listed below are some of the reasons why the government felt it was necessary to enforce a law:

1. Undue Delay in the Completion of the Project

Before the implementation of RERA, the Indian real estate sector had been beset by unjustified delays in project completion, frauds, and misconduct on the part of some builders and brokers.

2. No Sectoral Regulators

The sector was unregulated before the RERA, as there were no sectoral regulatory bodies, such as TRAI, SEBI, and IRDAI.

3. Regulatory Authority

Before the implementation of the RERA Act, the consumers of the Real Estate industry would approach consumer courts under the Consumer Protection Act, 1986, for complaint redressal but these options were just curative and not appropriate to address all types of concerns of the buyers.

If you have any questions or comments, you can reach out to us at info@roodland.com. Any concerns or suggestions you have will be taken into consideration.

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