As per the latest real estate news, Hardeep Singh Puri, Union Minister of Homes and Urban Affairs, said that central government is about to launch real estate e-commerce portal to bring the entire national real estate sector into one platform. The portal is an aggregator for the organisation of a massive and region-oriented real estate industry. Everything including inventory, prices and size of the property, location details across all over India will be gathered and displayed at this site.
The purpose of the e-commerce platform is to provide transparency in the real estate sector and to offer only certified projects. From the next of January, all the list of projects that are granted with the Occupancy Certificate (OC) will be displayed at the platform.
What is the Occupancy Certificate?
The occupancy certificate is an essential legal document certifying that the design of the building complies with the approved plans. This certification shall be issued by municipal authorities and the design proposal unit once the building is completed and ready to be occupied. An occupancy certificate confirms that the design is built under the applicable building codes, regulations and laws. Once the project is completed, the builder is responsible for obtaining an occupancy certificate.
Why Real Estate E-Commerce Platform Needed?
While speaking at the first national RERA conclave event, Puri said the government has thoroughly cleaned up the real estate sector with the demonetization and introduction of RERA in 2016.
He added that he had a discussion with the two main national property developer organisations CREDAI (Confederation of Real Property Developers Associations of India) and NAREDCO (National Real Property Development Council), and will soon be developing the real estate e-commerce website.
The transaction is considered to be conducted online, and the sale is carried out via the NAREDCO process.
Durga Shanker Mishra, the secretary at the Housing and Urban Affairs Ministry, stated that this real estate e-commerce portal would be established to provide information on rulings and orders issued throughout the country by various RERA bodies. It would give a review of all the decisions relating to properties in multiple states listed by subject. This would put under one umbrella all best practices in the home buying industry.
Rapid progress is taking place in launching this real estate e-commerce portal and is expected to begin on 2020 Makara Sankranthi. The complete information on all projects that have legalised with occupancy certificates will be displayed on this portal. It is anticipated that this will boost the real estate sector with more transparency service to solve all problems.
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