Challenges and opportunities in the Real Estate Act, 2016, India: a focus on judicial appellate and redevelopment projects

Abstract

The Indian construction industry, the backbone of the country’s economy, has been plagued by a lack of transparency, putting homeowners at risk of exploitation. The Real Estate (Regulation and Development) Act 2016 (REA) was enacted to promote transparency and attract investments. Still, its effective implementation is facing several challenges, such as needing more monitoring of the judgements passed by the authorities, exclusion of members of the redevelopment projects, etc. which must be addressed. The study was based on a literature review, questionnaire surveys and interviews of the developers and lawyers, and a case study based on a redevelopment project. Findings reveal critical challenges and suggest practical solutions, such as extending the Act’s scope to cover redevelopment projects, establishing a committee of experts, adopting Standard Operating Procedures (SOPs), including members of redevelopment projects in the Judicial Appellate of Real Estate Regulatory Authority (RERA), enhancing the quality of judgments, and considering related laws and regulations in the real estate sector. The real estate sector will become more equitable and just by tackling these challenges, promoting sustainable economic growth and benefiting all stakeholders. Thus, fulfilling India’s aspirations for a self-reliant and sustainable future.