RERA: The final hope of home buyers?
While the RERA has several clauses in it that may truly protect the rights of home buyers, experts means that the success of this Act will depend entirely on how the states implement it. Here’s a look at its most powerful clauses The Indian real estate sector has been largely unregulated except for a few states like Maharashtra, Uttar Pradesh, Andhra Pradesh, Delhi and Karnataka. Any pro-consumer development was solely a results of interpretation. This legislative vacuum has born to varied industry practices; most of which are against the interests of the consumers. It is against this backdrop that the Parliament saw fit, to manage this sector and consequently enacted the important Estate (Regulation and Development) Act, 2016 (the Act) within the Budget Session of 2016. The Act has come into effect on May 1, 2017, though most of the states are yet to notify the rules. Key highlights of the RERA The most positive aspect of this Act is that it provides a unified legal regime for the acq