A Bunch of Novel Digital Platforms Launched for Residential Properties

In view of boosting the slow-paced growth of the housing sector as well as achieving the government’s target of Housing For All by 2022, Hardeep Singh Puri, Minister for Housing and Urban Affairs, unveiled CREDAI Awas App and NAREDCO online portal HousingForAll.com. Besides, Hardeep also released a guide book for an affordable rental housing scheme for migrants. These novel digital platforms have been launched to mitigate the ongoing slowdown of India’s real estate sector. The Confederation of Real Estate Developers' Associations of India (CREDAI) Awaas App is a residential project discovery online platform designed and developed to assist buyers to virtually explore projects from 220 cities PAN India. The app lists all Real Estate Regulatory Authority (RERA) approved projects of CREDAI developers.

The National Real Estate Development Council (NAREDCO) portal HousingForAll.com will help buyers to access the best priced inventory of builders as well as view complete listing details entailing floor plans and room dimensions. The portal will display RERA registered projects and there will be third-party document verification for all the listed projects. Home buyers can book properties directly from the developers online at the best affordable prices.

Hardeep Singh Puri, Minister for Housing and Urban Affairs, unveiled CREDAI Awas App and NAREDCO online portal HousingForAll.com

The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes a RERA in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. It makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres or eight apartments, to register with RERA for launching a project, in order to provide greater transparency in project marketing and execution.

For ongoing projects which have not received completion certificate on the date of commencement of the Act, the buyers have to seek registrations within three months. Application for registration must be either approved or rejected within a period of 30 days from the date of application by the RERA.

Hardeep also introduced the knowledge pack of Affordable Rental housing Complexes (ARHCs) program to offer rental accommodation to the migrant and urban poor. It all happened under the reign of the Pradhan Mantri Awas Yohana – Urban (PMAY-U) as a part of Atma Nirbhar Bharat Abhiyan.