RERA – The Milestone Move by the Indian Government
Government policies, reform, regulations play a crucial rule on how a particular industry shapes up in the times to come. While the government’s role is important, market conditions, socio-economic changes in population are responsible for the evolution of industrial sectors. Real estate industry across the world has been a constant focus where transparency in the sector plays a crucial role. India has seen many policies in recent years but certain milestones are spread over decades.
Since post-independence era and from the time the construction activity has taken an ascension, many illegal practices, immoral ways of transactions surfaced due to which the citizens of the country had to face the brunt of injustice while trying to buy an apartment/plot/building. This has been due to the lack of an effective and suitable law to control, regulate, and monitor the activities/dealings of builders/promoters in the Real Estate industry. The Real Estate (Regulation and Development) Act (RERA), aimed at protecting home buyers, came into effect from May 1, 2017. This landmark Act will promise to make homebuyers confident, empowered with information and well protected, it also makes the non-serious players disappear from the highly fragmented residential real estate market. The Real Estate Regulatory Act RERA introduced in 2013, assented in 2016 is a unique legislation made by the Central Government led by Honourable Prime Minister Shri. Narendra Modi. This Act brings in complete transparency in the Real Estate Sector benefitting both the homebuyer’s community and the developer’s community by providing the framework for formulating an effective regulatory authority in the real-estate sector.
As per the provisions of the RERA Act, promoters and consumers in any of the lower courts cannot file civil cases. Even though all states were supposed to have notified their RERA rules by July 31, 2017, only 15 states had notified the final rules of the real estate regulatory Act (RERA) while all seven UT’s had notified them. Out of a total of 35 states and union territories (UTs) in the country, excluding Jammu & Kashmir, 23 states and UTs have already notified their respective RERA rules, according to a government release. The primary objective of the Central RERA Act is to bring in effective management, efficiency and quality control in Real Estate Industry where the homebuyers are benefitted, protected as consumers and investors. This act has many speaking about its positives and otherwise. Let us see what they have to say.
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