The Indian real estate sector has witnessed transformative reforms in the last few years, the Union Minister of State (I/C) Housing and Urban Affairs, Hardeep Singh Puri said in a latest speech. According to CREDAI-JLL report, the contribution of housing sector to the Indian GDP is expected to be 11% by 2020, up from current 5 to 6% the Indian real estate market is expected to touch USD 180 billion by 2020 and USD 350 billion by 2027 – where the products will be more structured and pre-planned, he noted.
The Minister was delivering the inaugural address at the “First Regional Workshop on RERA – a New Era of Transparency and Accountability in Real Estate – 2 years of implementation and way forward (Western Region)” in Pune. Addressing the participants, the minister stated that the year 2016 changed the real estate sector forever and defined the dawn of the post RERA era. He asserted that the plight of the homebuyers who were at the mercy of the developers and bringing discipline in the Real Estate Sector was one of the core objectives of this landmark legislation.
Puri said further that the Real Estate Act fills the existing gap between the Development/Municipal laws and the Apartment Ownership Act, and is intended to regulate transactions (buying and selling) and enforcement of contracts and added that the Act upholds the spirit of federalism by allowing the States to set up the Regulatory Authority and the Appellate Tribunal and the role of the Central Government is limited to Union Territories without legislature.
Outlining the progress since the enactment of the RERA, Puri said that 28 States / UTs have notified the rules under RERA, except Jammu & Kashmir; 6 North Eastern States (because of land issues) and West Bengal. All these States have also set up Authorities (Regular – 12, Interim – 16); 20 States / UTs have set up the Real Estate Appellate Tribunals so far; total 21 States/ UTs have set up web-portal by giving facility of online registration; and so far 31,475 Real Estate Projects and 24,000 Real Estate Agents have been registered under RERA across the country.