SME Times News Bureau | 15 Nov, 2018
Implementation of Real Estate
(Regulation and Development) Act is bringing a positive change to the realty
sector, said Minister of
State (I/C) of Housing and Urban Affairs Hardeep Singh Puri on Thursday.
In this new era OF
RERA, we are witnessing positive transformative changes in the industry, said
the minister.
"As we are in the
2nd year of the implementation of RERA, I am happy to note all the States/UTs
have notified Rules under RERA except for 6 North Eastern States and the state
of West Bengal", he said.
The Minister was
delivering the inaugural address at the 3rd regional workshop on 'RERA-a new era of transparency and accountability in Real Estate--2 years of
implementation and Way Ahead' here today.
Puri informed the
gathering that recently, a separate deliberation with all the north-eastern
states was organized by his Ministry, wherein all the clarifications were
given.
He hoped that RERA
will be implemented in all the states of north eastern region very soon.
Stating that it
was a proud moment for all of us that India has climbed another 23 points in
the World Bank's "Ease of Doing Business Index" to 77th place, becoming the top
ranked country in South Asia for the first time, Puri pointed out that "the
biggest gain was in construction permit, where India climbed from 181st ranks
to 52nd place on the back of targeted government effort to remove hurdles."
"India reduced the
number of procedures and time required to obtain a building permit by
implementing an online system that has streamlined the process at the
Municipality of New Delhi and Municipality of Greater Mumbai", he added.
Puri pointed out
that till the year 2016, there was no regulator for real estate and
construction sector, which is the largest employer after agriculture and
housing. He said, in a landmark move, the central government, in the form of
RERA, gave the real estate sector its first regulator w.e.f. from 1st May,
2016.
He highlighted
that to bring uniformity, professionalism, and standardization in the real
estate sector, RERA provides for mandatory registration of Agents and Projects. "So far 33,750 projects and 26,018 Agents have been registered pan India", he
informed.
"Maharashtra has
the highest number of project and agent registration. In Maharashtra, total
18,392 projects and 17,188 Agents have been registered", he pointed out.