Rera to have integrated web site for the whole country
25 June 2019
The Real Estate Regulatory Authority (Rera), which has helped stabilise land prices and reign in excessive speculation, will now have a common web site that will integrate all state Rera sites to help homebuyers update themselves on property prices across the country.
The integrated website will bring all state-specific Rera websites on a single platform. This will help home buyers across the country to get to know all the current updates regarding housing sector.
“This will give single page-single click information to home buyers across the country which will help them get know all the current updates regarding housing sector,” says a government release.
With increased transparency brought in by the regulation, speculative buying is on check and housing developers have become cautious in pricing their products.
Also, Rera has ensured that only serious real estate companies remained, while the fly-by-night developers vanished, according to a survey of 50 realtors and analysts across ten major cities including Mumbai, Delhi, Kolkata and Bangalore bybizbuzzindia.com.
The common platform can be also used to obtain information regarding all the real estate developers, property agents, project owners etc. This means that a home buyer in Uttar Pradesh will get to know what suggestions or solutions are being given by Tamil Nadu Rera for home buyers in the state.
For convenience sake the country has been dived into four real estate zones. These four zones will come together in forming the new integrated platform.
The centre will give all basic support, including financial assistance.
A committee formed under Delhi and Chandigarh Rera chief Vijay Madan had submitted a report on forming an integrated digital platform of all the state Reras.
At present, 22 states and 6 union territories have already notified their Rera rules, out of which 19 states have active online portals.
While Rera is implemented across the country, there is no Rera in West Bengal and four North Eastern states.