NEW DELHI: President Droupadi Murmu on Friday said the government is committed to fulfilling the dream of middle-class people to own residential properties and is providing interest subsidies on home loans. Addressing a joint sitting of Parliament, she said the real estate law RERA was introduced to safeguard their dreams.
“My government is equally committed to fulfilling the middle class’s dream of owning a home. Laws like RERA have been introduced to safeguard their dreams. Subsidies on home loans are being provided,” Murmu said.
In the third term of the government, the President said that concrete steps have been taken to achieve the goal of providing ‘Housing for All‘.
“Extending the Pradhan Mantri Awas Yojana, we have decided to provide new homes to an additional 3 crore families. A budget of Rs 5,36,000 crore has been allocated for this purpose,” Murmu said.
The Real Estate (Regulation and Development) Act, 2016, was passed by the Rajya Sabha on March 10, 2016, and by the Lok Sabha on March 15, 2016. The Bill passed by Parliament was assented to by the President on March 25, 2016.
Certain Sections of RERA were notified with effect from May 1, 2016, and the remaining sections from May 1, 2017.
The RERA was enacted to ensure regulation and promotion of the Real Estate Sector in an efficient, transparent and accountable manner and to protect the interest of homebuyers.
This transformative legislation seeks to address vital issues of fair transactions, timely delivery and quality construction through speedy adjudication of disputes, thus empowering home buyers.
As of August 12, 2024, 1,31,873 real estate projects and 88,775 real estate agents have registered under RERA across the country. More than 1.26 lakh complaints have been disposed of by the Real Estate Regulatory Authorities across the country.
