Two years after the Real Estate (Regulation and Development) Act was enacted by the parliament, six North-Eastern states have agreed to implement RERA in their respective states.
This Act gives powers to all the states to notify their own rules for the real estate and appoint regulatory authorities. Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland, and Sikkim were the only state left which had not notified their rules due to land issues. They have finally agreed to implement the law, paving way for protecting the interest of home-buyers in these states.
This came after a team of the Union Housing and Urban Affairs (HUA) Ministry, sent by the Central government, visited the northeastern states on October 26 and held a workshop with their representatives to resolve the issues pertaining to the implementation of the Act.
The Act is not applicable in Jammu and Kashmir. Instead of implementing RERA, West Bengal had notified its own real estate law — the Housing and Industrial Regulation Act, 2017 (HIRA).
RERA, enacted two years ago was welcomed with enthusiasm by every state, as the benefits of this Act were too big to ignore. This has given a sigh of relief to lakhs of stressed homebuyers. Earlier, the real estate was not scrutinized enough and there were a lot of ways to find a way around the loopholes in the existing laws. With the enactment of RERA, the real estate has become more transparent and accountable.
As many as 32,923 real estate projects have been registered under this legislation across the country. Also, 25,247 real estate agents have been registered under it.