If a developer has defaulted in one state, it will now be tough for the group to get registration in another state, as the Centre is considering setting up a common online platform for RERA of all states and Union Territories aimed at providing a unified record for developers across the state.
In a bid to take the reform to the next level, the Ministry of Housing and Urban Affairs has planned to set up a common online platform for the RERA of all States and UTs, which will provide an opportunity to homebuyers, builders and authorities to exchange views, information and progress report.
Under the Real Estate (Regulation and Development) Act, 2016, all states are mandated to constitute their respective real estate regulator RERA which provides proper protection to home buyers. As many as 30 states and UTs have notified RERA, barring West Bengal, which has notified its own real estate regulator — Housing and Industrial Regulation Act, 2017 (HIRA). However, there had been no way of exchange of information regarding developers and promoters. For instance, if a developer has a project in more than one state and has halted or defaulted on a project in one state, with the help of the common platform, other states can immediately get the information and can monitor the project more efficiently and will make the sector more transparent.
“The common platform will make RERA stronger,” Housing and Urban Affairs secretary, Durga Shankar Mishra said adding that on the online platform, any state can study an order of other states in a particular matter. Also, homebuyers and builders can give their views on this issue.
That apart, the government is also adding more clause to make developers RERA-compliant. For instance, interest subsidy under Pradhan Mantri Awas Yojna (Urban) will not be extended if the project is not registered with the Real Estate Regulatory Authority (RERA). Currently, home buyers can avail an interest subsidy of upto 2.67 lakh, as per the Credit-Linked Subsidy Scheme (CLSS) under PMAY (U).