In a bid to assess the efficacy of the Real Estate (Regulation and Development) Act, 2016, the Ministry of Housing and Urban Affairs has embarked on a comprehensive review of its functioning. This includes regular meetings with homebuyers and the establishment of a data collection unit, sources within the Ministry have revealed.
The review aims to lay the groundwork for potential amendments to the Act in the future, although there are no immediate proposals for such changes. Since its enactment eight years ago, the Act has overseen the registration of over 1.09 lakh real estate projects and the resolution of more than 1.11 lakh complaints by state-level Real Estate Regulatory Authorities (RERAs), as per data presented to the Lok Sabha in August 2023.
The Ministry has initiated regular meetings with homebuyers to solicit feedback, which is subsequently shared with RERAs. The inaugural meeting, chaired by Additional Secretary Satinder Pal Singh on February 29, focused on evaluating the effectiveness of RERA in key areas such as transparency, accountability, and grievance redressal.
Additionally, plans are underway to establish a dedicated data collection unit to gather insights into RERA’s performance over the years.
Abhay Upadhyay, President of the Forum for People’s Collective Efforts, lauded the Ministry’s decision to engage with homebuyers regularly. However, he emphasized the importance of fully implementing the Act in its current form before considering any amendments. During the meeting, Upadhyay raised concerns about the lack of information on RERA websites, highlighting the absence of annual and quarterly reports from builders. He also pointed out instances where RERAs registered projects without proper document verification.
The Ministry’s proactive approach towards enhancing RERA’s effectiveness signals a commitment to address issues faced by homebuyers and promote transparency in the real estate sector.