One Nation, One RERA
Hardeep Singh Puri, Union Minister of State for Housing and Urban Affairs
Data will be more valuable than gold. Let me say from my ministry’s point of view, we will work with anyone and the state RERA authorities. Let us have a central database, which will have all the constitutional segments, including the states. Let us have all the stakeholder access to the database because the maximum transparency that you can introduce that you will find that the sector begins to benefit from that free flow of information.
The free flow of information will help not just the developers but also home buyers. Maharashtra has done tremendous work in successfully implementing the Real Estate Regulatory Authority (RERA) Act. While, other states like West Bengal have come up with their own version Acts. While we acknowledge that real estate is a state subject, for the benefit of home buyers, we would like to see ‘One Nation, One RERA’ implemented across the nation.”
The RERA has been a resounding success. The impact of this important legislation is beginning to show in areas that were earlier plagued by several issues. We now have a more stable, predictable, and transparent marketplace, which will benefit all stakeholders including the home buyers. Maharashtra RERA (MahaRERA) has provided guidance in following and implementing the Act, and we feel other states should expedite making RERA fully effective in their states. The history of real estate sector will be divided as pre-RERA and post-RERA period.