RERA’s Road to Success: 86% of Housing Projects Achieve Completion Milestone!

The Real Estate (Regulation and Development) Act, 2016 (RERA) has been instrumental in ensuring the timely completion of housing projects in India. According to a recent report by Anarock, 86% of housing projects launched between July 2017 and December 2018 in the top seven cities of India have been completed. This is a significant achievement, considering the fact that the Indian real estate sector has been plagued by delays and unfinished projects for many years.

RERA has played a key role in bringing about this positive change in the sector. The Act has made it mandatory for all real estate developers to register their projects with RERA before launching them. Developers are also required to disclose all relevant information about their projects, such as the project plan, timeline, and budget. This has helped to increase transparency and accountability in the sector.

In addition, RERA has also made it easier for homebuyers to get their grievances redressed. The Act has established RERA tribunals in each state to adjudicate disputes between homebuyers and developers. This has made it possible for homebuyers to get justice in a timely and efficient manner.

The timely completion of housing projects has a number of benefits for both homebuyers and the economy as a whole. For homebuyers, it means that they can finally move into their own homes and start their new lives. For the economy, it means that more people are employed and more money is spent on construction.

The success of RERA in India is a positive example for other countries that are looking to reform their real estate sectors. RERA has shown that it is possible to bring about transparency, accountability, and efficiency in the sector. This can benefit both homebuyers and the economy as a whole.

Source: Zee Business

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

(Visited 72 times, 1 visits today)

Leave a comment

Your email address will not be published. Required fields are marked *

Buy and Sell Properties
25k+ Properties
241+ Location
311+ Agents
1Lac+ Customers