Central Advisory Council Advances Real Estate Regulation
The 5th Meeting of the Central Advisory Council (CAC) under the Real Estate (Regulation and Development) Act, 2016 (RERA) was held in New Delhi. The event marked eight years since RERA’s implementation, denoting its impact on the Indian real estate sector. A key development was the launch of the Unified RERA Portal by the Union Minister of Housing & Urban Affairs. This platform aims to enhance transparency and coordination across States and Union Territories.
RERA’s Eight-Year Journey
RERA has transformed the real estate sector by protecting homebuyers and promoting accountability. Since 2016, 35 States and UTs have established Real Estate Regulatory Authorities. Many have set up Appellate Tribunals and appointed Adjudicating Officers. Over 1.5 lakh projects and more than 1 lakh agents are registered under RERA. The authorities have disposed of nearly 1.5 lakh complaints, reflecting active grievance redressal.
Launch of the Unified RERA Portal
The new portal (rera.mohua.gov.in) offers a centralised platform for all stakeholders. It integrates data from State RERA websites to create a national database of real estate projects. This will help homebuyers make informed decisions and allow authorities to monitor project progress. Advanced tools like Artificial Intelligence will be used to detect project delays and reduce stalled developments.
Addressing Stalled Projects and Legacy Issues
The Council discussed stalled projects and reviewed recommendations from a committee led by Shri Amitabh Kant. Uttar Pradesh has implemented these measures successfully. Other States are urged to follow suit. Standard Operating Procedures (SoPs) have been proposed to strengthen enforcement and expedite project completion. The focus is on reviving stalled projects to restore trust between buyers and developers.
Improving Regulatory Efficiency and Uniformity
Concerns were raised about delays in project registration, local authority approvals, and compliance with RERA orders. The Council recommended faster registration processes and uniform application of rules across States. It also suggested forming a central committee within the Ministry of Housing and Urban Affairs to harmonise regulations and drive reforms.
Future Reforms and Sector Development
Recognising RERA’s achievements, the Council emphasised the need for next-generation reforms. A detailed review will be conducted to identify further measures to strengthen the regulatory framework. The goal is to enhance transparency, accountability, and sector growth through stakeholder consultations and policy innovation.
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