An eCommerce platform for real estate sector to be introduced by January 2020
The Central government is set to launch an e-commerce platform for the Indian real estate sector earliest by January 2020 to bring more transparency in the real estate transactions.
According to Hardeep Singh Puri, housing and urban affairs minister, discussions have been held with both Credai (Confederation of Real Estate Developers Association of India) and Naredco (National Real Estate Development Council), two main associations of real estate in India and an e-commerce portal will soon be introduced for the realty market possibly around the time of Makar Sankranti.
The e-commerce platform will have all kinds of information with regards to real estate projects that have been completed, projects that have received occupancy certificates, size of the houses, pricing and location. The portal will be accessible not only to Indian buyers but to homebuyers residing in any part of the world. It will enable them to buy property anywhere in India and more importantly, bring all best practices in the real estate sector under one umbrella.
The news was unveiled at the first National RERA Conclave held in Lucknow on November 4, 2019. Durga Shanker Mishra, secretary at the Housing and Urban Affairs Ministry was also present at the event. “We will get this started through Naredco and Credai. It would be as simple as buying something on Amazon and Flipkart,” he said.
The introduction of a common platform was recommended by a committee led by Vijay S Madan, RERA Chief for Delhi and Chandigarh.
With the development of the ecommerce portal, a more transparent mechanism will be initiated so that judgements can be accessed by all parties including the RERA members, public and stakeholders.
The conclave was held to commemorate the contribution of RERA in streamlining the real estate sector ever since its inception in the year 2016. Earlier four regional conclaves on RERA were held however, this is the first time it has been held on a national level.