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Need for RERA in Indian Real estate

Need for RERA in Indian Real estate
  • Trending
  • Saturday 29th April 2017
  • Author: Riya Kapoor

Highlights

  • 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 infrastructutre in your country. While this sector has grown significantly in recent years. It has been largely unregulated ,with absence of professionalism and standardisation 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 recourse is only curative and is not adequate to address all the concerns of buyers and promoters in that sector.

The lack of standardisation has been a constraint to the healthy and orderly growth of 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 standardisation of business practices and transations in real estate sector .The act provides for establishment of RERA for regulation and promotion of real estate sector and to ensure sale of plot , apartment or building s the case may be in an efficient and transparent manner and to protect 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 responsibilties on both. 

Thus, RERA will induct professionalism and standardisation in the sector, paving way for accelerated growth and investments in the long run.



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