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.
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.
|State/ union territory||Notification status|
|Arunachal Pradesh||Notified (Website yet to be launched)|
|Assam||Notified (Website yet to be launched)|
|Kerala||Notified (Website launched)|
|Manipur||Notified (Website yet to be launched)|
|Meghalaya||Notified (Website yet to be launched)|
|Mizoram||Notified (Website launched)|
|Nagaland||To be notified soon|
|Sikkim||Notified (Website yet to be launched)|
|Tripura||Notified (Website launched)|
|West Bengal||Notified under HIRA (Website yet to be launched)|
|Lakshadweep||Notified (Website launched)|
|Puducherry||Notified (Website launched)|
|State/ union territory||Registered projects, as on December 2020||Registered agents|
|Tamil Nadu||736 (only in 2020)||500+|
|Andaman and Nicobar Island||–||–|
|Dadra and Nagar Haveli – Daman and Diu||96||2|
|Delhi (National Capital Territory of Delhi)||18||70|
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 email@example.com. Any concerns or suggestions you have will be taken into consideration.