THE MINISTER OF STATE IN THE MINISTRY OF HOUSING AND URBAN AFFAIRS
(SHRI KAUSHAL KISHORE)
(a) &(b): ‘Land’ and ‘Colonization’ are State subjects. Ministry of Housing and Urban Affairs does not maintain data of real estate projects and details thereof. In order to protect the interest of homebuyers and to ensure the transparency and accountability in the Real Estate Sector, Ministry of Housing and Urban Affairs has enacted The Real Estate (Regulation and Development) Act, 2016 (RERA).
As per Section 20 of the RERA, the ‘Appropriate Government’ i.e. States/Union Territories (UTs),is required to establish the Real Estate Regulatory Authority to regulate and develop the real estate sector in the concerned State/UT. Section 3 of RERA mandates registration of real estate project with Real Estate Regulatory Authority before any advertisement, marketing, booking, selling or offering for sale, or inviting persons to purchase in any manner. The Regulatory Authority is also required to publish and maintain a web portal, containing relevant details of all real estate projects for which registration has been given, for public viewing.
(c) to (e): In order to give relief to homebuyers of stalled projects, a Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH investment fund) has been created for funding stalled projects that are net-worth positive and registered under RERA, including those projects that have been declared as Non-Performing Assets (NPAs) or are pending proceedings before the National Company Law Tribunal under the Insolvency and Bankruptcy Code. SWAMIH investment fund will provide last mile funding to the stressed affordable and middle-income housing projects in the country.
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