India’s Real Estate Sector soon to receive an E-commerce market platform

Hardeep Singh Puri, Housing and Urban Affairs minister announced that by January 2020, an e-commerce portal will be launched in order to bring transparency in the system of buying and selling in the real estate sector. “We’ve held discussions with both Credai and Naredco, and we will soon come up with an e-commerce portal for the real estate sector, possibly around Makar Sankranti,” he said.

The announcement was made at the first National RERA Conclave held in Lucknow, that was organized to mark the contributions of RERA in organizing the real estate sector since its formation in 2016. Hardeep Singh Puri assured at the first national RERA conclave that this conclave will be held every year. He added, “All states have implemented RERA except one state. That has been challenged in the Supreme Court. Rera will be implemented in all states and union territories. It is also applicable in Jammu and Kashmir from 31 October. 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 is good progress,” Puri said.

The e-Commerce platform developed is a portal capable of carrying full information related to all the completed real estate projects and projects that have received occupancy certificates.

The portal will contain all house details, its size and area, its prices with precise location. The development of a common platform for  regulating the buying and selling of properties was recommended by a committee headed by Vijay S Madan, RERA chief for Delhi and Chandigarh. He said that,“Through this portal a transparent mechanism will be put in place so that all judgments can be accessed by RERA members, members of the public and all stakeholders such as builders and financiers. Work is in full swing and this portal will be in place soon.”

Also present at the RERA Conclave was Durga Shanker Mishra, Secretary at the Housing and Urban Affairs Ministry, he informed that the platform will ensure that buyers all over the world can buy property anywhere in India. He added,”We will get this started through Naredco and Credai. It would be as simple as buying something on Amazon or Flipkart.” 

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