India Set to Launch e-Commerce Platform for Real Estate Sector in January

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The e-commerce portal will carry full information pertaining to all the real estate projects that have been completed, projects that have received occupancy certificates, size of the houses, prices and precise location.

The central government is set to launch an e-commerce platform for the real estate sector in India as early as January 2020 to make the process of buying and selling houses transparent.

“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,” housing and urban affairs minister Hardeep Singh Puri was quoted as saying by media reports at the first National RERA Conclave held in Lucknow on Monday. Makar Sankranti will be celebrated in India on 15 January 2020. Also, Credai (Confederation of Real Estate Developers Association of India) and Naredco (National Real Estate Development Council) here refer to the two main associations of real estate developers in India.

The platform would enable buyers from all over the world to buy property anywhere in India, said Durga Shanker Mishra, secretary at the Housing and Urban Affairs Ministry, who was also present at the RERA conclave. “We will get this started through Naredco and Credai. It would be as simple as buying something on Amazon or Flipkart,” Mishra said.

The conclave was organized to mark the contributions of RERA in organizing the real estate sector since its formation in 2016. “This is the first national RERA conclave, and it will be held every year,” Puri said.

“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.