“Navigating the complexities of real estate transactions is about to become significantly easier for homebuyers. Soon, getting comprehensive details on housing projects and evaluating the performance of developers across India will be just a click away. This revolutionary move aims to empower consumers with transparent, accessible, and reliable information before making one of the biggest investments of their lives.”
A Unified IT Platform for RERAs Nationwide To enhance transparency and efficiency, all Real Estate Regulatory Authorities (RERAs) across the country will soon have standardized websites and IT platforms. This initiative will provide a seamless experience for users, enabling them to access project details and builder performance reports, irrespective of their location.
Currently, different RERAs maintain separate websites with varied formats and limited jurisdictional data, making it a cumbersome process for homebuyers to gather project-related insights. The new centralized system, spearheaded by the Housing and Urban Affairs Ministry in collaboration with the All-India Forum of Real Estate Regulatory Authorities (AIFORERA), will eliminate these inefficiencies.
A Win-Win for Buyers and Regulators Anand Kumar, Chairman of AIFORERA and Delhi RERA, emphasized the benefits of the new mechanism, stating, "This will help buyers access necessary information effortlessly while also assisting regulatory authorities in better implementation of the law." Since all registered projects are mandated to disclose progress and timelines under RERA, integrating this data into a unified platform will streamline the process without additional hurdles.
Ensuring Full Transparency: A Crucial Step Experts stress the importance of displaying all projects developed by a builder under a single entity rather than separate Special Purpose Vehicles (SPVs). Abhay Upadhyaya, a member of the government's Central Advisory Council, highlighted this concern, saying, "Many builders create separate SPVs for different projects, and some may have a poor track record. Unless all project details are transparently displayed under a single umbrella, homebuyers cannot make truly informed decisions."
The Road Ahead With the final modalities being worked out, this initiative is set to revolutionize the real estate sector by fostering greater trust, transparency, and accessibility. Once implemented, it will empower homebuyers with crucial insights, ensuring that they can make well-informed property investment choices with confidence.
Stay tuned as we track the developments of this much-needed transformation in the Indian real estate sector!
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