The Central government has planned to set up a
common online platform for the Real Estate Regulatory Authority (RERA) of all
states and UTs.
The move aims to provide an opportunity to
home-buyers, builders and authorities to exchange views.
Real Estate (Regulation and Development) Act
(RERA) 2016 is a central legislation which aims to regulate the real estate
sector. It seeks to empower and protect property consumers and make
transactions fair and transparent.
The RERA Act was enacted under Entry 6 and 7
(dealing with contracts and the transfer of property) of the Concurrent List of
the Constitution of India.
Under the Real Estate (Regulation and
Development) Act 2016, all states are mandated to constitute their respective Real
Estate Regulatory Authority (RERA).
The Real Estate Regulatory Authority (RERA) registers
and maintains a database of real estate projects, provides proper protection to
home buyers and renders advice to the government and ensure compliance with its
Regulations and the Act.
So far, 30 states and UTs have notified RERA. West
Bengal has notified its own real estate regulator under its Housing and
Industrial Regulation Act, 2017 (HIRA).
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