New Delhi: Despite statutory obligation and directions from the Ministry of Housing and Urban Affairs, more than 75% of state real estate regulators, Reras, have either never published annual reports, stopped publishing them or have not updated them, home buyers’ body FPCE claimed on Friday. It released 21 RERA status reports till 13 February.The availability of updated annual reports is important as they contain details of data on the performance of RERAs, including project completion status categorized by on-time completion, completion with detail and incomplete projects. The ministry’s format for publishing these reports also specifies providing details such as actual execution status of refund, possession and compensation orders as well as recovery warrant execution details with values and list of defaulting builders.FPCE said the annual report data is important not only for home buyers to assess the credibility of the system but is equally essential for both state and central governments to formulate effective policies, design incentive schemes and develop tax policy framework.FPCE president Abhay Upadhyay, who is also a member of the government’s Central Advisory Council on RERA, said, “Until we have credible data proving that the real estate sector has improved post-RERA in terms of delivery, fairness and keeping its promises, we are just shooting in the wind.”According to details shared by the entity, seven states – Karnataka, Tamil Nadu, West Bengal, Andhra Pradesh, Himachal Pradesh and Goa – have never published a single annual report since the implementation of RERA, and nine states, including Maharashtra, Uttar Pradesh and Telangana, which initially published reports, have discontinued the practice.Upadhyay said that when regulators themselves do not follow the law, they lose the legal right to demand compliance from other stakeholders. “Their failure emboldens builders and undermines the system they are supposed to protect,” he said.
