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.
- Benami Transactions
- Project Registration process in RERA Madhya Pradesh
- Undivided Share of Land
- How to file complaint in RERA Punjab?
- Guide to Delhi Rent Control Act, 1958
- All you need to know about RERA in Delhi
- Slow Implementation of RERA in Karnataka
- How to file complaint in RERA Madhya Pradesh?
- 2 years of RERA - The success and the failures
- Infrastructure Augmentation Charges in Haryana
- How to file a complaint in HRERA?
- Seperate Account amount to remain intact, not to be used to repay loans
- Procedure for Withdraw of Real Estate Projects in Maharashtra
- Procedure for Withdraw of Real Estate Projects in Telangana
- Is Revocation of Registration of Real Estate Project-A Solution for all ?
- Guidelines for completion of project in Madhya Pradesh RERA
- Transfer of title from promoter to allottee
- Is your project covered in RERA ?
- 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