As many as 86,942 complaints have been disposed of by Real Estate Regulatory Authorities across the country and 77,455 projects have so far been registered under RERA, minister of state for Housing and Urban Affairs Kaushal Kishore said in a written reply filed in the Rajya Sabha on March 28.
He said that as many as 28 states/ Union Territories (UTs) have set up Real Estate Appellate Tribunal and 30 States/UTs have set up the Real Estate Regulatory Authority under Real Estate (Regulation & Development) Act, 2016 (RERA).
A total of 34,419 cases have been disposed of in Uttar Pradesh, followed by 18,383 cases in Haryana and 11,621 cases in Maharashtra, 197 cases have been disposed of in NCT of Delhi.
The information regarding number of cases pending and average time taken to resolve them in Real Estate Tribunals is not maintained centrally, it said.
As regards the total number of projects registered, as many as 33,882 projects were registered in Maharashtra and 9,818 in Gujarat, while Uttar Pradesh witnessed a registration of 3,183 projects.
Various measures have been taken by the Government to protect the interest of homebuyers from time to time. RERA ensures to protect the interest of homebuyers by regulating and promoting the real estate sector in a transparent and accountable manner, he said.
Section 4 of RERA provides for compulsory deposit of 70% of the amount realised for real estate project from allottees in a separate bank account to cover the cost of construction and land cost. RERA also, interalia, makes the promoter liable for refund of amount, with interest and compensation, in case developer fails to complete or is unable to give possession of apartment, plot, building to homebuyer; as per the terms of the agreement for sale, he said in a reply.
Moreover, in order to provide last mile funding to stalled real estate projects which are net-worth positive and registered under RERA, a Special Window for Affordable and Mid Income Housing (SWAMIH) Investment Fund of Rs. 25,000 crore has been created, he said in his reply.