The Real Estate (Regulation and Development) Act (RERA) has proven to be a game-changer for the real estate sector since the time it was implemented in India in 2017. It has brought the much- needed transparency and accountability to the sector by providing a unified legal regime for the purchase of property and standardising the practice across the country.
With RERA now put in place, the central government is ready to take its next step to simplify further the process of buying property in India with an e-commerce portal for the realty sector.
Housing and Urban Affairs Minister Hardeep Singh Puri had last month announced that an e-commerce platform for the real estate sector could be launched around Makar Sankranti (January 15, 2020). The announcement was made at the first National RERA Conclave held in Lucknow on November 4.
The real estate portal will serve as the first point of contact or information for anyone who is looking to buy a house/property across India. According to reports, the platform will have a list of projects that have received occupancy certificates. Further, all information on such completed projects like size of the house, price of the house, location, infrastructure around the locality, etc, will be uploaded on the portal.
The portal is being developed in association with the Confederation of Real Estate Developers Association of India (CREDAI) and the National Real Estate Development Council (NAREDCO)—the two major national organizations of real estate developers. A committee headed by Vijay S Madan, chief of Chandigarh RERA and Delhi RERA, had recommended the constitution of such a common portal.
Durga Shanker Mishra, the secretary at the Housing and Urban Affairs Ministry, had explained that after the portal is launched, buying property would be “as simple as buying something on Amazon or Flipkart”. Buyers in any part of the world—London, Chennai or Guwahati—would be able to think of buying a property in Lucknow through the portal, he had said.
He added that the occasion of Makar Sankranti has been chosen for the launch of the portal as it is one of those rare festivals that is celebrated across the country, though by different names.
Explaining the process further, NAREDCO’s vice chairman Parveen Jain had said that though the buying process will be online, the sale will happen via NAREDCO so that responsibility can be decided.
Apart from sale and purchase, the common e-commerce real estate portal would also be helping homebuyers by providing information regarding rulings and orders passed by different RERA authorities across the country. At present, the information pertaining to RERA of different states is available locally and not for the consumption at a national level.
“The platform would provide all the rulings related to the properties in different states categorised according to the subject and with a summary. This would help people in applying the earlier rulings in any part of the country to their particular case, if applicable. It would bring all the best practices in the home buying sector under one umbrella,” Mishra had said.
He added: “Haryana, for example, has two RERAs – one in Panchkula and another in Chandigarh. The common platform would allow exchange of rulings between the two as well as among other states.”
Keywords: Real Estate (Regulation and Development) Act, RERA, real estate, central government, India, e-commerce portal, Housing and Urban Affairs Minister Hardeep Singh Puri, Hardeep Singh Puri, National RERA Conclave, Lucknow, Confederation of Real Estate Developers Association of India, CREDAI, National Real Estate Development Council, NAREDCO