Ladakh notifies RERA rules, ushers in new era in real estate development in UT

Ladakh has become the 34th union territory to have notified the rules under the Real Estate (Regulation and Development) Act leading the way for property development to take place in the region.

“Extremely happy to share that Ladakh becomes the 34th State/UT, which has notified Rules under RERA. It was done on 8 October 2020. It paves the way for implementation of this transformative legislation in the Union Territory, opening new vistas of real estate development journey,” secretary, ministry of housing and urban affairs, Durga Shanker Mishra tweeted.

In August, the union territory of Jammu and Kashmir had notified the rules under RERA becoming the 33rd state/union territory to do the same.

“The move will open up new vistas for the development of the union territory J & K by ensuring efficient & transparent transactions. It will also ensure timely delivery & quality construction of real estate projects,” Mishra had tweeted then.

According to statistics provided by the MoHUA more than 52,000 real estate projects and 40,517 real estate agents have registered under RERA across the country. Nearly 50,000 complaints have been disposed-off by the Real Estate Regulatory Authorities across the country.

Out of this, nearly 57 percent cases or approximately 27,581 complaints were resolved in the last one year alone.

Uttar Pradesh takes the lead with as many as 18,509 cases disposed off by the UP RERA authorities so far, against a mere 5,989 cases a year ago.

Haryana is at a distant second with nearly 9,919 cases disposed of currently as against 3,123 cases in the corresponding period of 2019. Maharashtra’s MahaRERA has so far disposed of nearly 7,883 cases, an analysis by Anarock property consultants has said.

Project registrations have seen a 24 percent annual jump – from 43,208 projects as on July-end 2019 to nearly 53,364 projects presently, the analysis said.

The states with maximum project registrations currently include Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, Telangana and Tamil Nadu.

Following the coronavirus pandemic over 23 states RERA Authorities have so far extended registration of projects by six months and one by nine months following the situation created by the coronavirus pandemic and this has been done to safeguard the interests of homebuyers.