After the implementation of RERA Act, 2016, the real estate sector of India is woefully short of expectations and the sections of RERA became law on May1, 2017.
The act was applicable to the 28 states (Excluding J&K) and only three have appointed a regulator who is permanent. Out of all the applicable states, only 14 states have functional web portals and 20 states have notified the rules. All the seven union territories have notified the rules.
Punjab, Maharashtra and Madhya Pradesh have already appointed the permanent regulators under RERA. Rest of the states where RERA Complaints Act is implemented is working with interim designated regulators.
As per the RERA regulations, all the states should have an active online portal where all the developers should upload all the relevant documents and project information. Despite of the notification, Haryana, Assam, Kerala and Orissa do not have the online portals.
Uttar Pradesh, Bihar, Rajasthan and Andhra Pradesh have launched their online portals and the developers have provided the irrelevant information which does not fulfill the RERA Guidelines.
Some of the state RERA rules are not very much clear about the registration of the on-going projects before all sections of RERA act became law on May 1, 2017. The law was notified with the 59 of 92 sections which notified on May 1, 2016, exactly after a year where remaining sections came into force.
Just because of all these things the buyers were in total dilemma, the ongoing projects had to be registered with RERA latest by August 2017. After the entire introduction, those projects which have not secured the occupation certificates from authorities are unregistered with RERA.
The major states like West Bengal have not even notified the act including the seven north-eastern states because of certain constitutional limitations.
The appellate authority was decided under RERA and it was expected that it will implement and act according to the given set of rules and regulations to make it transparent.
According to the RERA Act, project can be launched only after registration with RERA and this has to be assured that after the approvals projects can be launched and once it is registered with RERA it can go further on functioning.
As per the report, most of the states and UTs are not taking RERA seriously which is a setback for the RERA. Only MahaRERA has worked according to the expectations and it has registered 25,000 projects which is 62 percent of the whole country.
The revival of realty sector was expected after the introduction of RERA and unfortunately, incomplete RERA has adverse effect on the expectations of the people.