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Real Estate Market in India

INTRODUCTION

(posted Dec., 2018) 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.

MAIN FEATURES

Conclusion

Though RERA came into full effect from 1st May 2017 but the continuing delay in issuing notification may dilute the proper implementation of the Act. Even though all states were supposed to have notified their RERA rules by July 31, 2017, only 15 states out of the existing 29 states and all seven Union Territories have complied by this deadline. With the coming of RERA, home buying may become the pleasant experience it ought to be. However, as a buyer, it seems the things may take a little more time to settle down before one starts his search for the RERA compliant home.

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Email: uday@ahlawatassociates.in

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