September 2017 – Real Estate Regulation in India

Home buyers who have been duped by real estate developers and agents welcomed the coming into effect of the Real Estate Regulation Act, 2016 (RERA/Act) from 1st May, 2017. The RERA is considered as one of the landmark legislations passed by the Indian Parliament to bring in more transparency and accountability in our country’s most precarious sector. Real estate being our country’s leading revenue generators (9% to gross domestic product), not only needs RERA to boost home buyer’s confidence in the real estate sector but also to enhance our vast and growing economy. However, implementation of RERA demands strong participation from all states to create Real Estate Regulatory Authorities, framing of the necessary rules and procedures for successful application of the Act. Following is a brief overview of the main features of this legislation.