Total 21 States and UTs have notified RERA rules: Govt
The Joint Secretary of the Ministry of Housing and Urban Poverty Alleviation Rajiv Ranjan Mishra informed that a total of 21 states and union territories have notified the final rules of the Real Estate (Regulation and Development) Act (RERA), while just two states have formed permanent RERA authorities so far. The government is expecting at least 29 states and union territories to notify their rules by July 31 deadline.
Speaking at an event, Mishra said, “We hope around 29 states will notify the final RERA rules by July 31. Barring North Eastern states, as they have some land law issues, I hope all the states will at least notify RERA rules by July 31.”
A total of 18 states have formed interim regulators till now and the government is urging the states to make these interim regulators permanent. He said, “The idea should be to start the project registration process in states. We urge all the states to put the needed infrastructure in place as soon as possible.”
Highlighting the need to include ongoing projects under the RERA ambit, Mishra said, “We should include ongoing projects under the Act. Excluding them will not be good for consumers and developers. The sector has to redesign its business model and we may see a lot of restructuring happening. However, the long-term impact of RERA will be beneficial for the industry.”