Mumbai: In May, it will be six years since the Real Estate Regulatory Authority (RERA) was established in Maharashtra followed by rest of the India and the process to make improvements continue, yet, there is a lot more ground that has to be covered than what has been achieved so far.
In a report published by JLL India, a real estate services and consultancy firm, several issues have been brought to the fore on what has been achieved for the betterment of the industry, home buyers and investors as well as where it lacks.
𝗥𝗘𝗥𝗔 𝗮𝘂𝘁𝗵𝗼𝗿𝗶𝘁𝗶𝗲𝘀 𝘄𝗶𝗹𝗹 𝗻𝗼𝘁 𝗴𝗮𝗶𝗻 𝗰𝗿𝗲𝗱𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝘂𝗻𝗹𝗲𝘀𝘀 𝗯𝗮𝗰𝗸𝗲𝗱 𝗯𝘆 𝗷𝘂𝗱𝗶𝗰𝗶𝗮𝗹 𝗽𝗼𝘄𝗲𝗿𝘀
“The orders passed by RERA authorities will not gain credibility unless they are backed by judicial powers. This is one of the most pressing needs of the hour,” stated the report. This view is affirmed by various other stakeholders, particularly those who represent the home buyers.
There have been several instances wherein the developer or its legal representative not only skip the RERA hearing but also ensure the judgements passed are not complied with for years together.
Another recommendation made was to make various state-specific forums for fast-track grievance redressal and the requirement to improve developer compliance.
In the last couple of years, there has been an increase in grievances filed with RERA. Hence, the waiting period to get home buyers heard has also increased. “The way waiting period is on the rise, I am afraid that RERA will become like any other court in India where it takes years for a case to get disposed of,” said a lawyer practising at RERA.
𝗔𝗽𝗽-𝗯𝗮𝘀𝗲𝗱 𝗶𝗻𝘁𝗲𝗿𝗳𝗮𝗰𝗲 𝗳𝗼𝗿 𝗥𝗘𝗥𝗔
The report has also suggested making RERA websites user-friendly by promoting an app-based interface since India has the world's second-largest mobile user population globally.
“Establishing Central RERA authority to provide a unified vision and achieve nationwide objectives like unique property numbers, mortgage market development and many other technologies linked to improvements,” recommended JLL India along with stating that the state regulatory and development authorities should define processes and timelines for various approvals and be held accountable for lapses. Other than these, the regulator should also consider reviewing the state’s performance by publishing important metrics and annual reports as per standards described by the Ministry of Housing and Urban Affairs.
Other points included having an effective awareness campaign to make people know of their rights and responsibilities, regular surveys to evaluate the effectiveness of the implementation process, discussions with home buyers, etc.
