Due to the continued increase in fraud with the customers in the real estate sector, the Modi government of the Center made the RERA Law. Industry experts say that after two years of implementation of the RERA law, the demand for relief in the real estate sector has started showing relief.
Let the Real Estate Regulation and Development Act (RERA) 2016 be implemented in the real estate sector from May 1, 2017. Firstly, the Maharashtra government had implemented this law in the name of ‘Mahara Rera’.
After the implementation of Rare in eight metropolitan cities of the country, in the second half of 2016, where 68,702 residential units were started, the number decreased to 40,832 units in the second half of 2017. After this, situation improved in the second half of 2018. New projects for 89,509 flats have been started in 2018 In the first half of 2018, the projects started for 91,739 new units. In the first and second half of 2017 this number was 62,738 and 40,832 respectively.
According to the figures of Encore Property Consultants, 22 states and six union territories have notified their Rara legislation. Of these, 19 states have active portals. It has its active portal in Bengal too.
Ghulam Jiya of Knight Frank said, “It is a matter of seeing that the prices of houses were gradually decreasing between 2013 and 2016, when Rare came in, the atmosphere in the entire area became negative. Sales diminished and projects began to struggle to complete the work within the deadline under the new law.
According to the data, in Andhra Pradesh in November 2018, where 61 projects were registered under Rera, the number has now reached to 307. There are 5,317 Rare registered projects in Gujarat and 899 registered agents and agencies. At present, 20,718 projects in Maharashtra are registered under 19,699 Agent Rera. In Karnataka, Rare registered projects reached 2,530 and Agent 1,342.