Volume III, Issue V, 2020
Delay in providing possession, lack of transparency between the promoter and buyer, with embedded corruption and many other factors was the bitter reality of the Real estate sector in India. This is the second most emerging sector in India in terms of employment and market share. On 1st May 2016, an act named Real Estate Regulation and Development Act, 2016 was passed with the aim to remove hurdles in buying properties and safeguarding the rights of the consumer. Under this Act, a Real Estate Regulatory Authority was established for regulating the multi-facet problems.
The real estate sector was like an unruly horse which was moving in all directions. But the final nail in the coffin came with the formulation and implementation of RERA. This paper aims to build a contrast in the pre and post RERA India. In the pre-RERA India, there was no exclusive forum to deal with the problems of the real estate consumers, other than consumer courts or civil courts, which owed the delay grappling the issues. The Indian contract act, 1872 and the consumer protection act, 1986 used to deal with the real estate sector problems. This paper envisages to explore the impact of REAL ESTATE REGULATORY ACT, 2017.
Keywords: Real Estate, RERA, Buyers, Rights, Redressal, Transparency, Possession.