Real estate regulators in states and Union Territories have so far disposed of nearly 1.25 lakh consumer complaints against developers, according to the Economic Survey 2023-24.
The Real Estate (Regulation & Development) Act, 2016, popularly known as RERA, was enacted to bring about much-needed reform in India's real estate sector. The main objective of RERA is to encourage greater transparency, citizen-centricity, accountability, and financial discipline, thus empowering home buyers and boosting the economy.
The survey highlighted that all states/ Union Territories (UTs) have notified rules under RERA except Nagaland, which is in the process of notifying the rules.
As of July 1, 2024, over 1,30,186 real estate projects and 88,461 real estate agents have been registered under RERA.
"RERA provides for the establishment of a fast-track dispute resolution mechanism for the settlement of disputes. As of 01 July 2024, 32 states and UTs have set up the Real Estate Regulatory Authority, .
