{"id":3765,"date":"2021-07-29T11:22:48","date_gmt":"2021-07-29T11:22:48","guid":{"rendered":"https:\/\/www.omaxe.com\/blog\/?p=3765"},"modified":"2024-02-02T12:11:09","modified_gmt":"2024-02-02T06:41:09","slug":"70-consumers-aware-of-rera-as-a-regulator-survey","status":"publish","type":"post","link":"https:\/\/www.omaxe.com\/blog\/70-consumers-aware-of-rera-as-a-regulator-survey\/","title":{"rendered":"70% Consumers Aware of RERA as a Regulator: Survey"},"content":{"rendered":"\n

The Real Estate (Regulation and Development) Act (RERA)<\/strong>, which came into force in 2016, has ushered in a lot of transparency in the real estate sector. The sector was grappling with homebuyers\u2019 distrust over a long period of time and this was being reflected in litigations, protests, and more importantly, delay in project execution and competition.<\/p>\n\n\n\n

Five years later, things have turned for good despite some teething problems. It has become more institutionalised, organised, accountable and transparent. This was revealed in a survey by Omidyar Network India and Boston Consulting Group titled ‘Five Years On: An assessment of RERA – The Road Ahead For a Stronger On-ground Regime’.<\/p>\n\n\n\n

76 percent of consumers who are aware of RERA will buy only RERA registered properties. 70% of the consumers are aware of \u2018RERA\u2019 as a regulator. While metro\/tier 1 cities have greater awareness, i.e. 85% in metro, the awareness in tier 2\/3 cities is considerably low at 53%. Only 50% of the consumers are aware of only 2 basic benefits of RERA, i.e., the mandatory registration of the relevant projects and RERA as a grievance redressal forum.<\/p>\n\n\n\n

The awareness of the RERA website<\/strong><\/a> continues to be dismal. The survey stated that 27 states have set up web portals with information available on ~110 parameters for the registered projects. However, only 14% of the consumer have visited the state RERA website, 45% of the consumers reported that they found it difficult to navigate the RERA website, and only 24% consumers of those who visited the website were satisfied with it.<\/p>\n\n\n\n

A lot of improvement on the part of the regulator is warranted to make consumers and developers make full use of the RERA website to bridge the knowledge asymmetry about a project<\/a><\/strong> or a developer. Due diligence is an important component of any homebuyers\u2019 decision before purchasing a home.<\/p>\n\n\n\n

Despite the challenges, 64% of developers felt highly satisfied with RERA. 45% of the developers indicated dissatisfaction with the RERA website. Most of their dissatisfaction stemmed from difficulty in navigation and non-functionality of the website, the survey said.<\/p>\n\n\n\n

The real estate sector<\/a> <\/strong>is a significant driver of economic growth and it is pertinent that the sector impacts for good more consumers. The sector contributes 6.5% to India\u2019s GDP and is the 2nd largest employer. An astounding 77% of the total assets of Indian households are held in real estate. This shows how valued a possession real estate has and will always remain.<\/p>\n\n\n\n

Also Read:<\/strong> How GST and RERA Has Simplified Home Buying Dreams<\/a><\/p>\n\n\n\n

Various state RERA authorities have been trying to strengthen the system. The Economic Times<\/em> reported that in order to reduce the problems of homebuyers during the Covid-19 pandemic, e-courts have been set up by the UPRERA. 12,918 complaints have been registered through e-courts, and 12,150 complaints have been resolved successfully.<\/p>\n\n\n\n

In June, the Ministry of Housing and Urban Affairs released a progress report. It stated that a total of 67,534 complaints have been disposed of by RERAs across the country.<\/strong><\/p>\n\n\n\n

However, The Mint reported that the non-enforceability of RERA orders needs serious rethinking to bring more trust to homebuyers. The Omidyar Network India and Boston Consulting Group survey were based on interactions and consultations with 1300+ stakeholders in India\u2019s real estate ecosystem including consumers, developers, real estate agents, etc.<\/p>\n","protected":false},"excerpt":{"rendered":"

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