A central database by the Housing and Urban Affairs Ministry(MoHUA) is set to be created for housing projects, to capture their delays and execution status. It is said that 2.9 million housing units in India are running behind the delivery schedule. Out of these, 0.6 million have been delayed by more than two years. Delhi NCR and Mumbai have the highest number of delayed housing projects. It is speculated that the much talked Real Estate Regulatory Act (RERA) would come under purview of Central Advisory Council, which will advise the government on its implementation.
The Bombay High Court questioned the Housing Ministry whether they had any pan India-data status of the Housing Scheme. Meanwhile the Court is hearing applications from builders challenging the step of RERA and putting all the ongoing projects under RERA.
What is RERA?
Real Estate Regulatory Act (RERA) is a consumer-consumer friendly Act that came into effect in 2016. It is expected to bring transparency in the real estate sector. It will ensure that the consumers are not deceived by the by the builders. Now the consumers will not have to wait for postponed deliveries.
Amidst all the opposition from the builders for RERA compliances, the work on the central database should start soon and State Governments are obliged to help with the data as they are already receiving it for RERA registration of projects. Further, a few regulatory authorities have already started the work in most states. Finally, it looks like getting data should not be a problem.
To know more about the real estate reforms to be brought by the government in near future, read this link.