– 2023-24 finance survey revealed
Real Estate Regulatory Authorities (RERA) across states and union territories have resolved nearly 1.25 lakh complaints related to buyers so far, according to the 2023-24 Economic Survey. Complaints in RERA jurisdictions, except for Nagaland, have been addressed. As of July 1, 2024, 1,30,186 real estate projects have been registered with RERA, and 88,461 real estate agents have been registered.
The survey notes, “RERA provides a system for the swift resolution of disputes. As of July 1, 2024, 1,24,947 complaints have been resolved across states and union territories.” According to RERA laws, a Sale Agreement is mandatory during registration. Additionally, if there are any changes to the layout, the consent of at least two-thirds of the allottees or buyers is required. Specific rules are also in place regarding refunds, compensation, and penalties. Before the implementation of RERA, builders faced numerous complaints from buyers, which RERA has since addressed.
