Sunday, July 21, 2024

Government Initiates Review of RERA Functioning and Consults Homebuyers for Feedback

The Union Ministry of Housing and Urban Affairs is currently undertaking a comprehensive review of the Real Estate (Regulation and Development) Act, 2016, with a focus on enhancing its effectiveness. Sources reveal that the Ministry has commenced a series of meetings with homebuyers and is in the process of establishing a dedicated data collection unit within the Ministry.

These initiatives aim to gather feedback and insights from stakeholders, laying the groundwork for potential amendments to the Act in the future, although there are no immediate proposals for such amendments. Since its enactment, state-level Real Estate Regulatory Authorities (RERAs) have registered over 1.09 lakh real estate projects and resolved over 1.11 lakh complaints, as reported by the Ministry to the Lok Sabha in August 2023.

According to Ministry sources, senior officials have begun conducting regular meetings with homebuyers to solicit their feedback, which is subsequently shared with the respective RERAs. The inaugural meeting, chaired by Additional Secretary Satinder Pal Singh on February 29, focused on evaluating the efficacy of RERA across various dimensions, including transparency, accountability, and grievance redressal mechanisms.

Additionally, the Ministry is in the process of establishing a dedicated data collection unit to systematically gather information on RERAs’ functioning over the years.

Abhay Upadhyay, President of the Forum for People’s Collective Efforts, welcomed the initiative of regular consultations with homebuyers. However, he emphasized the need to fully implement the Act in its current form before considering any amendments. During the meeting, Upadhyay highlighted issues such as inadequate information on RERA websites and instances of projects being registered without proper document verification.

Following the meeting, the Ministry issued directives to RERAs regarding the standardization of information available on their websites and initiated efforts to collect comprehensive data on project approvals, progress, and delays.

Furthermore, the All-India Forum of RERAs (AIFORERA) conducted a meeting in Lucknow on March 19 and 20, where feedback from homebuyers was discussed. AIFORERA Chairperson Shrikant Baldi indicated plans to send a checklist to all RERAs outlining the essential information to be made available on their websites. Additionally, proposals for amendments, previously submitted by AIFORERA, are set to be reviewed, with fresh proposals expected to be forwarded to the Ministry.

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