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Ten years of RERA: registration alone is not the measure of success
ଖବରରେ କାହିଁକି?
Ten years of RERA: the separate project account and Regulatory Authority rules GS3 statements test
RERA turns ten; buyers say registration is not enough to judge it.
Why it matters: general awareness
What you need to know
2 ମିନିଟ
The Real Estate (Regulation and Development) Act, 2016 completes ten years, and homebuyers' groups say registration alone does not show success.
The Act requires each State and Union Territory to set up a Real Estate Regulatory Authority and to register projects above a threshold size.
Promoters must keep a portion of buyers' money in a separate bank account for each project.
ଉତ୍ସ: Topper IAS editorial (PIB / The Hindu / Indian Express)
ମୁଖ୍ୟ ତଥ୍ୟ
Remember these
- Real Estate (Regulation and Development) Act, 2016 completes ten years
- Each State and UT must set up a Real Estate Regulatory Authority
- Projects above a threshold size must be registered (broadly above 500 sq m or 8 apartments)
- Promoters must keep 70% of buyers' money in a separate bank account for each project
- Appeals against Authority orders go to the Real Estate Appellate Tribunal
ପ୍ରିଲିମ୍ସ · ମେନ୍ସ
How the exam will ask it
ପ୍ରିଲିମ୍ସ
- The Real Estate (Regulation and Development) Act, 2016 requires the appropriate government to establish a Real Estate Regulatory Authority.
- Under the Act, promoters must deposit a portion of money collected from allottees in a separate bank account for each project.
- Registration of projects above a threshold size with the Regulatory Authority is mandatory before they can be advertised or sold.
ମେନ୍ସ
GS3 (Indian economy, housing and regulation). Delayed projects and diverted buyer funds led to RERA's registration, escrow-type account and Authority-based grievance redress; but buyers' groups argue registration counts alone do not show success, so outcomes such as timely possession, enforcement of orders and uniform State rules matter. The way forward is stronger enforcement, faster adjudication and transparent public data on complaints and delivery.
Quick recall
Answer before you reveal
With reference to the Real Estate (Regulation and Development) Act, 2016, consider the following statements:
- It requires the appropriate government to establish a Real Estate Regulatory Authority.
- Promoters must deposit a portion of the money collected from allottees in a separate bank account for each project.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
ଉତ୍ତର ଦେଖନ୍ତୁ
ଉତ୍ତର: C — Correct: Both 1 and 2 — Both hold: the Act mandates a Regulatory Authority and a separate designated account per project. • 1 only — wrong: Statement 2 is also correct, since a separate project account is mandated, so '1 only' is incomplete. • 2 only — wrong: Statement 1 is also correct, since the Act provides for a Regulatory Authority, so '2 only' is incomplete. • Neither 1 nor 2 — wrong: Both statements are accurate under the Act, so rejecting both is wrong.
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