The Real Estate Act
As summer comes to a high, the people of India eagerly look upon the Government’s latest reform: The Real Estate (Regulation and Development) Act.
The objectives of the Act are to further safeguard the home-buyers’ rights and to bring about transparency in the Real Estate Sector. Previously, the lack of the same has caused excessive grievance with breach of laws and rights alike. The new act seeks to correct this and hopes to instigate a more transparent and responsible system.
Presently, thirteen States and Union Territories have notified the rules, and the centre believes that others will follow come August. The act requires of Developers to register projects with the RERA prior to sale, and to update on the status of the projects on a quarterly basis, failing which will result in incarceration. It also attempts to establish an adjudicatory mechanism for speedy redressal of disputes.
The act can thus be seen as a novel step towards protecting consumer interests and bringing lucidity in the Real Estate Sector.