RERA Just What the Doctor Ordered for Indian Real Estate Sector
Home buyers across the country have been at the receiving end of endless delays over delivery of projects or late possession of real estate projects over the years, leaving themselves ‘helpless’ at the hands of developers. All that is set to change with the implementation of the Real Estate (Regulation and Development) Act (RERA) 2016. The RERA is poised to bring about a paradigm shift in India’s real estate sector, with the onus now on real estate developers and real estate agents to comply with RERA, which came into effect from May 1, 2017. Touted as a consumer-centric Act, the RERA aims to drive transparency and accountability in the sector and enhance the confidence level of home buyers. More importantly, it will not only protect the interests of home buyers and developers but also ensure home buyers are not taken for granted by real estate developers and brokers. It may be worth mentioning that both houses of Parliament had passed the real estate bill in March 2016. It is import