NEW DELHI: Soon getting details of housing projects and performance of builders across the country will be just a click away, a move that will help homebuyers to make informed decisions before booking a property.
All the real estate regulatory authorities (RERAs) across the country will have uniform websites and IT platforms for better navigation, which will enable consumers to get the project status of builders wherever they are developing residential and commercial projects.
At present, different RERAs host details on their websites in different manner and the details of only those builders and project status are hosted on sites that fall under their jurisdiction. So, it’s a cumbersome process for buyers to navigate through every RERA website and get details.
The housing and urban affairs ministry and All India Forum Of Real Estate Regulatory Authorities (AIFORERA), the umbrella body of all RERAs, have started work on this. Sources said the modalities are in final stage and the new mechanism will be a win-win for all.
“This will help buyers to access the necessary information easily. It will also help regulatory authorities in retrieving the data for better implementation of the law,” said Anand Kumar, chairman of AIFORERA, who is also chairman of Delhi RERA.
Registration of all projects is mandatory under the RERA and progress of projects are also tracked by each authority as are timelines and any extensions. So, interlinking the data from each RERA to make it accessible for buyers will not be an issue.
Welcoming the move, Abhay Upadhyaya, a member of govt’s Central Advisory Council said, “To make this more effective and useful for homebuyers, all projects of any particular builder are shown under its group. Most of the builders form separate SPV for different projects and some of their projects may have bad track records. Therefore unless all their project details are transparently displayed under their group, homebuyers cannot take informed decisions.”