Need for RERA in Indian Real estate
- Saturday 29th April 2017
- Author: Riya Kapoor
Though the consumer protection act ,1986 is available as a forum to the buyers in real estate market , the recourse is only curative and is not adequate to address all the concerns of buyers and promoters in that sector.
The act will ensure greater accountability towards consumers and significantly reduce frauds and delays. It attempts to balance the interest of consumers and promoters by imposing certain responsibilties on both.
Real estate sector plays a catalytic role in fulfilling the need and demand for housing and infrastructure in your country. While this sector has grown significantly in recent years. It has been largely unregulated, with the absence of professionalism and standardization and lack of adequate consumer protection.Though the consumer protection act, 1986 is available as a forum to the buyers in real estate market, the resource is only curative and is not adequate to address all the concerns of buyers and promoters in that sector.
The lack of standardization has been a constraint to the healthy and orderly growth of the industry .
In the view of above, it becomes necessary to have a central legislation namely, RERA 2016 in the interest of effective consumer protection, uniformity and standardization of business practices and transactions in real estate sector.The act provides for the establishment of RERA for regulation and promotion of real estate sector and to ensure the sale of the plot , apartment or building s the case may be in an efficient and transparent manner and to protect the interest of consumers.
The act will ensure greater accountability towards consumers and significantly reduce frauds and delays. It attempts to balance the interest of consumers and promoters by imposing certain responsibilities on both.
Thus, RERA will induct professionalism and standardization in the sector, paving way for accelerated growth and investments in the long run.
- Promoters Should Display the Sanctioned Plan at the Project Site
- A Simple Guide to RERA Telangana
- Form 3 v/s Form 5 in RERA
- Guide to RERA Gujarat
- What is Quality Assurance Certificate in MAHARERA ?
- What is Land cost and Construction cost in RERA ?
- RERA Separate bank account provisions
- How to advertise your RERA registered project ?
- Definition of Promoter in RERA
- Carpet area in RERA
- Role of Professionals in RERA
- Role of real estate agent in RERA
- How to file complaint in GUJRERA
- RERA Project Registration in India
- How to file the complaint in MAHARERA
- All you need to know about RERA in West Bengal for real estate agents
- All you need to know about RERA in Telangana for real estate agents
- RERA’s impact on Maharashtra
- How much has RERA assisted home buyers in last one year?
- Advertisement guideline in RERA
- Simplified process of RERA Registration in India
- A simplified guide to RERA Goa
- All you need to know about Agent registration in Haryana
- All you need to know about Agent registration in Chhattisgarh
- Real Estate Project Registration in RERA
- Insights about GOA RERA for Real Estate Agents
- A Guide to RERA Karnataka
- Expectations of Real Estate Industry from budget 2018
- All facets of GST rate cut from 12% to 8% on affordable homes
- All you need to know about Project registration in Andhra Pradesh