The face of realty changed a lot in eight years
The real estate sector of the country has undergone significant changes during the last decade. This includes factors ranging from regulatory reforms to market dynamics, technology adoption, and changing buyer preferences. Especially since the RERA Act came into force, there have been huge changes in the real estate sector. The RERA Act has changed the face of the country’s real estate sector.
RERA, which came into effect in 2016, protects the hard-earned money of buyers from investing in the wrong properties. It has brought transparency and accountability to the real estate sector. It helps in the development of the real estate industry while protecting the interests of buyers. Before the advent of RERA, the sector was reeling under many challenges. Mainly, there was a lack of transparency, irregularities, fraud, delays in projects, and disputes between buyers and developers. The RERA Act has put a check on all these. It has brought transparency and increased accountability among developers. Steps are being taken to avoid delays in projects.
Anarock Group and Naredco jointly released a report with the details of how many flats were sold and how many issues have been resolved so far. According to it, a total of 1,21,891 projects have been registered in the country in the eight years since the advent of RERA. 92,557 agents are registered with RERA. In total, 97,784 complaints were resolved by the RERA system in 20 states. There are many differences in the performance of RERA in each state. While some RERAs are favorable to buyers, some RERAs are favorable to builders. There are also cases where no action will be taken against any builder who cheated the buyer.
The National President of Naredco, G. Haribabu, stated that the RERA administration should take action so that the buyer does not suffer anywhere. It is suggested that the RERA administration take strict action against the builders who cheat the buyers. It is also stated that buyers should be careful and buy only RERA-registered projects. Meanwhile, in Telangana, so far, 8045 projects have been registered in RERA, and 3342 people have been registered as agents. As many as 1092 complaints were resolved. As far as AP is concerned, 4617 projects are registered in RERA, and 195 agents are registered in RERA. So far, 163 complaints have been resolved.
Lethargic TS RERA..
The performance of RERA in Telangana is slightly different. There are criticisms that the appointment of a retired IAS as RERA chairman is not preventing the pre-launches. TS RERA is acting in such a way that it will react only if the buyer complains despite knowing about the fraud. Moreover, the complainants say that this department feels that it is not their duty to prevent fraudsters even after knowing about their wrongdoing in a particular place. However, it is said that the responsibility of cleaning up RERA is on CM Revanth Reddy.
