Punching holes in RERA fiddle
The Supreme Court of India’s recent observations on the Real Estate Regulatory Authority (RERA) are not just about real estate - they are about governance itself.
The Supreme Court of India’s recent observations on the Real Estate Regulatory Authority (RERA) are not just about real estate - they are about governance itself.
"All States should now think of the people for whom the institution of RERA was created. Except for facilitating builders in default, it is not doing anything else. Better to just abolish this institution," CJI Surya Kant remarked.
Uttar Pradesh Real Estate Recovery Authority(RERA) has increased its momentum for recovering dues from developers and ensuring timely refunds and possession for homebuyers. UP RERA has so far ensured recovery of Rs 1,410 crore in 5700 matters.
Since the operationalisation of the Real Estate Regulatory Authority (RERA) in 2017, 1.19 lakh projects, comprising 97.14 lakh units, have been registered with top 10 State RERAs between 2017-2024, said a report by NSE-listed data analytics firm PropEquity.
The last decade has seen homebuyers' wait for possession in large under-construction projects in the top cities reduce to 4.9 years, from 6.1 years in the 2010-2019 period, a report showed on Sunday.
One of most critical challenges to provide affordable housing especially in urban areasis in the limited nature of supply of urban land. Urbanization has grown at a fast pace, with the proportion of urban population rising from 27.8 per cent in 2001 and is estimated to constitute 89 per cent of the total population in 2051. Apart from the original residents in these urban areas, migrants from rural and peri-urban areas who come to the cities in search of employment, require shelter and housing
The committee was formed in March by the Union Housing and Urban Affairs Ministry comprising officials of the Union Finance Ministry, Uttar Pradesh and Haryana state governments, the Insolvency and Bankruptcy Board of India, the National Housing Bank and the Real Estate Regulatory Authority (RERA) of Haryana and UP.
The real estate regulatory authority (RERA) Gurugram has directed Vatika Limited to refund the full amount to the allottee to whom the builder failed to deliver the unit even after a delay of more than five years.
The DDA has filed an appeal before the Real Estate Appellate Tribunal against the requirement of registration of DDA projects under RERA. So far, no projects of the DDA have been registered under RERA, Minister of State for Housing and Urban Affairs Kaushal Kishore said in a written reply in the Rajya Sabha.
The real estate regulatory authority passed the order in response to a petition moved by the allottees of Kalyan Plaza Annex Housing Project and directed the Hi Tech Estates & Promoters Private Limited that “the builder can not shift the responsibility of maintenance to the flat owners unless the project is fully completed, flat owners society is formed, the common area is transferred to the society and production of valid occupancy and completion certificate.
