Centre to Launch Real Estate e-commerce Platform in January 2020
Centre to Launch Real Estate e-commerce Platform in January 2020 to Bring Transparency in Real Estate Sector
To ease the process of buying home, the government will soon come up with an e-commerce platform for the real estate sector, announced Union Housing and Urban Affairs Minister Hardeep Singh Puri at the first National RERA Conference held in Lucknow on 4th November 2019.
Earlier, four regional conclaves on RERA were already held. This is the first national conclave, and it will be held every year, said Urban Affair Minister Hardeep Singh Puri. Lucknow Conference sent out a clear message to all states that RERA was being implemented 100%.
He further added, “We have held discussion with both CREDAI and Naredco, and we will soon launch an e-commerce portal for the real estate sector, possibly around Makar Sankranti”.
CREDAI ( Confederation of Real Estate Developers Association of India) and NAREDCO (National Real Estate Development Council ) are the two major national organizations of real estate developers.
The intention of an e-commerce platform is to carry transparency in the sector and allow only certified projects.
Parveen Jain, Vice Chairman, NAREDCO said, “The platform, which will be launched by January 2020 will have a list of project that has received the Occupancy Certificate (OC). The buying process will be online while the sale will happen via NAREDCO so that responsibility can be decided.
After coming to power, Prime Minister Narendra Modi organized the sector through the launching of RERA across the nation.
All states and union territories have successfully implemented RERA except one state that has challenged in the Supreme Court. It is also applicable now in Jammu and Kashmir from 31st October 2019. As many as 45,000 cases are before RERA authorities across the country and a solution acceptable to both buyers and builders have been found. There are over 12,000 cases that have been resolved in Uttar Pradesh alone and that seems to be good progress.
The secretary at the Housing and Urban Affairs Ministry, Durga Shankar Mishra said that a common portal would be formed to give information regarding laws and regulations passed by different RERA authorities across the nation. It would produce all the best practices in the real estate sector under one roof. This would benefit people in applying the earlier decisions in any part of the country to their particular case, if relevant.
He further said the proposal to form a common RERA platform was offered by a committee headed by Vijay S Madan, RERA chief for Delhi and Chandigarh.
“Through this portal, a transparent tool will be set in place so that all judgments and decisions can be accessed by RERA members, members of the public and all stakeholders such as builders and investors. Work for the portal is at full pace and this portal will be in a position soon. An all-India forum for RERA has also been framed, and this is the start of a new beginning,” said Durga Prasad Mishra.
