RERA was implemented in May 2016 to bring down the accountability and transparency in real estate sector. It took 2 years to India to moves one spot up from 36th to 35th in the global real estate sector, despite the RERA Registration Act. The implementation of RERA in few states like Maharashtra and Karnataka is working slowly.
The countries in the top 10 ranks are highly transparent, according to the report of two years. The U.K, Australia, U.K, France and Canada are the top 5 countries. The report however, that India moved 5 spot up from 40th to 35th from past 4 years in the global real estate sector.
India is yet figuring about the transparent market of real estate sector. As per the report, to calculate the transparency of real estate based on factor like data availability, authenticity and accuracy, the growing rate of investment in private equity over the last four year led to the large Private Equity Funds in the Indian market which led the Indian Market to rise every year from $2.2 Billion in 2014 to $6.3 billion in 2017.
The growth of the countries is likely to improve in GRETI 2020. ‘Benami’ Transactions Act introduces Pseudo properties and the insurance policies for land title and the goods and services tax regime, as per the report. Therefore, the reason for growth of India in the GRETI 2020 is because of the implementation of RERA in all the states.
RERA has brought about certain transparency in all states. RERA is helping the people to resolve their matter. The Facts and figures of the projects are now available to the common man. There are certain problems but that is being sorted out now.