Author: Krish Sharma, Student at Amity University, Lucknow
Co-Author: Dr. Arvind Kumar Singh, Assistant Professor at Amity University, Lucknow
ABSTRACT
The real estate industry in India generated the second-highest income. In our nation, the real estate market is currently seeing exponential growth. In the past, there was no appropriate regulation or safeguarding of buyers’ interests in the real estate industry. The real estate industry experienced increasingly frequent instances of fraud and deception. Before the RERA was implemented, the promoter or developer frequently caused problems for the buyer. In India, the Real Estate (Regulation and Development) Act 2016 was introduced to control promoters and brokers and safeguard buyers. In the real estate industry, the RERA is a game-changer. The researcher in this study analyses how the Real Estate (Regulation and Development) Act, 2016, defends buyers’ interests against promoters.
An Act approved by the Indian Parliament is known as the Real Estate (Regulation and Development) Act, 2016 (RERA). The RERA aims to increase investments in the real estate market while simultaneously protecting homebuyers’ interests. The RERA bill was enacted by the Rajya Sabha on March 10, 2016, the Lok Sabha on March 15, 2016, and it became operative on May 1, 2016, when 59 of its 92 sections were notified, and on May 1, 2017, the other provisions did so. The model rules created under the central Act must serve as the basis for the rules that the federal and state governments must notify under the Act.
Keywords: RERA, Real Estate, Rules and Regulations.
