Real Estate Regulation in India

Abstract

Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act shall come into force with effect from May 1, 2017. The key objectives of the Act are: • Ensuring Transparency & Efficiency in real estate sector in regards to sale of plot, apartment, building or real estate project. • Protecting the interest of consumers in real estate sector. • Establishing adjudicating mechanism for speedy dispute redressal. • Establishing Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority. With increasing complaints against the promoters, the Real Estate Regulatory Act notification by the Government of India has led to multiple guidelines which the promoters have to meet so as to legally build a project or sell it. RERA has brought some milestone changes regarding the laws in real estate sector of India. The wholehearted commitment of the government into maintaining fair play in the property business has come as a big relief for the buyers. Apart from the buyers, the promoters and the real estate agents who go by the government norms, but have to suffer from the spread of bad word against them due to some ill practices by some promoters and real agents, also will feel happy and relieved.