According to a report, only 32 real estate projects in Delhi are RERA registered. An appeal has been made to make changes in the law and apply it to all residential projects.
The RERA Act was passed in the Parliament in March 2016.
RERA in Delhi: The RERA Act was brought in to protect the interests of home buyers in real estate and its benefits are also being reaped. Meanwhile, property advisory firm India Sotheby’s International Realty on Friday said the Delhi government should bring more projects and middlemen under the ambit of RERA to protect the interests of home buyers in the national capital. For this the government needs to make changes in its Real Estate (Regulation and Development) Act.
The consultancy firm in its report ‘A healthy real estate market in the national capital’ said that only 32 projects in Delhi have been registered with Delhi RERA. The RERA Act was passed in the Parliament in March 2016. Some sections of RERA were notified from May 1, 2016 and the rest from May 1, 2017. This central law has been implemented in almost all the states and union territories. According to this law, registration of an immovable property project is not required if the area of the proposed land exceeds 500 square meters or the number of apartments does not exceed eight in all stages.
need to amend the law
The company said in its report, ‘There is an urgent need to amend the RERA Act. Projects with 200 square meters or four-storey building should be included in this law. According to the report, with this amendment, about 90 percent of the residential projects of Delhi will come under the purview of the RERA Act.
71307 Projects Registered Under RERA
The advisory company has also suggested making RERA registration mandatory for all residential constructions in Category A colonies. regardless of their size or number of units. Significantly, till November 2021, a total of 71,307 projects were registered under RERA in various states across the country. Out of this, only 32 projects have been registered with Delhi RERA.
RERA law not implemented properly in Delhi
The report said that the number of projects registered under RERA in Delhi is not only the lowest among any union territory, but it is also significantly lower than the number of projects registered in cities like Mumbai and Bengaluru.