7 min read- 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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