Minister of State for Housing and Urban Affairs Hardeep S Puri has said the history of urban India and the real estate sector will always be remembered in two phases – ‘ore RERA’ and ‘post RERA’.
RERA, he said, has infused governance in a sector hitherto unregulated and added that along with demonetisation and the GST, it has, to a large extent, “cleansed the real estate sector of black money.”
Explaining the provisions of RERA, the minister said the Act has transformational provisions, conscientiously addressing those which have been a constant bane for the real estate sector.
Puri said since RERA came into full force in May 2017, 34 states and Union Territories have notified the rules, 30 states and UTs have set up Real Estate Regulatory Authorities and 26 have set up Appellate Tribunals.
He also informed that around 60,000 real estate projects and 45,723 real estate agents have been registered with the regulatory authorities, providing a platform for informed choice for buyers.