Page 63 - NIS-English 16-31 May 2022

Duty
Towards
Towards Duty
Path
Path
Years
Years
106 RERA'S
TRANSFORMATIONAL

new national
waterways have been PROVISIONS FOR THE
designated in 24
Waterways states, bringing the CONSUMER INDUSTRY
total to 111.
n RERA: The RERA Act contains
transformative provisions
n Major Indian ports under the Ministry of Ports, Shipping and that target those who have
Waterways registered an impressive growth rate of 6.94% in ship consistently harmed the real
movement during FY 2021-22 over the previous financial year (Y-o-Y). estate sector. It states that
no project may be sold unless
n The Inland Waterways Authority of India (IWAI), the statutory body in the competent authority has
charge of waterways in India, transported a total of 105 million tonnes
of cargo through national waterways, registering an impressive year- approved the project map.
on-year growth of 25.61 percent. With demonetisation and
Goods and Services Tax laws,
n The average turnaround time for container ships at major ports has RERA has largely eliminated
come down from 43.44 hours in 2014 to 26.58 hours in 2021. This black money from the real
benefited in the form of time savings. estate sector.

n With the exception of
Nagaland, all states and union
territories have notified RERA
Smart City rules. The process is going on

Mission changing in Nagaland. Also, 31 states
urban landscape and union territories have set
up the Land Estate Regulatory
Authority.

n This is a transformational 93,552 crore were proposed n The Real Estate Appellate
mission that aims to bring to be developed from central Tribunal has been established
about a paradigm shift in and state funds out of a total in 28 states and union
the way the country's urban investment of Rs 2,05,018 territories, and their websites
development works. crore. By April 10, 2022, work are managed by the Regulatory
n On April 10, 2022, tenders on nearly all of these projects, Authority.
for 7,905 projects worth Rs totaling Rs 92,300 crore,
1,93,143 crore and work had been ordered. Financial n RERA-registered 78,734 real
orders for 7,692 projects worth progress has also accelerated estate projects and 62,204
Rs 1,80,508 crore were placed in the Smart Cities Mission. real estate agents have
out of the total proposed The total expenditure on
projects under Smart Cities registered under RERA across
Mission (SCM). 3,830 projects the mission in 2018 was Rs the country. 88,894 complaints
worth Rs 60,919 crore have 1,000 crore, which has now have been settled by the Land
been completed and are now increased to Rs 45,000 crore. Estate Regulatory Authorities
operational. Of the total government of across the country. (Data as of
n Under the Smart Cities India funds released to cities, April 16, 2022)
Mission, projects worth Rs 91% have been utilised.

New India Samachar May 16-31, 2022 61