RERA Turns 2

It’s been two years since the deployment of the Real Estate Regulatory Authority (RERA) across India and the Centre’s aim of enforcing it in each state is gathering visible momentum. Even the north-eastern states including Manipur, Meghalaya, Mizoram, Nagaland, and Sikkim – which earlier shied away from it – have agreed to officially notify RERA rules soon. West Bengal is the only state which notified its own real estate law under West Bengal Housing Industry Regulatory Authority (WBHIRA).

Rohit Poddar, Joint Secretary, NAREDCO West and Managing Director, Poddar Housing and Development Ltd. states, “RERA has been a huge success in Maharashtra, the trust gap between the developer and the seller has largely been bridged. RERA has been very quick to address the issues of the developers and giving judgments on the conflicts between the buyer and developers. Reconciliation process through arbitration cell has become faster and convenient for the customers in case of delay in possession, which has consolidated the confidence of the buyers in the market. MahaRERA is the best RERA in India.”

It may be recalled that RERA intended to cover developers as well as real estate agents seamlessly across the country. As it stands now, 22 states and 6 Union Territories have already notified their RERA rules, out of which 19 states have active online portals. West Bengal too has an active portal for its own real estate law.

Manju Yagnik, Vice Chairperson, Nahar Group & Vice President NAREDCO (MAHARASHTRA) – “One of the biggest and most important action in the industry was implementation of RERA. The challenge of bringing it in the ambit of regulation has been a journey that is still progressive in nature as many questions still do not have the answer. However the real estate machinery has changed with this development.”

Things are changing for the better. Generally, players are far more accountable and cannot easily get away with breaking the RERA rules.

“There are ample amount of reasons to celebrate the second year anniversary of the much needed RERA, the implementation of which was envisaged to bring in transparency in the industry, has definitely achieved what it was set out for. Developers today are committed more than ever on the delivery of the projects; it has also brought discipline in the usage of funds. All in all RERA has brought in some positive changes amongst the industry, along with increased accountability, transparency and efficiency.” Rahul Grover, President Sales and Operations at Sai Estate Consultants.

Amit Ruparel, Managing Director, Ruparel Realty on RERA completing 2 years, shares “The Real Estate Regulation & Development Act (RERA) is a landmark legislation poised to catapult the sector into its next phase of growth, laid on the foundation of being transparent, competitive, hassle-free and consumer-centric, which certainly benefits corporate developers like us and most importantly the home buyers.”