Scrutinising the Role of India's Real Estate Regulatory Authority: An Analytical Perspective

Abstract

The real estate sector plays a crucial role in the Indian market and economy due to its significant involvement in large-scale investments and transactions. However, as of 2016, no existing regulations or norms were in place to effectively manage and standardise the real estate market. The escalating prices in the real estate market might be attributed to the unscrupulous practices of agents or brokers. It is imperative to identify the gaps between buyers and promoters and address them through the implementation of legislative measures. Acquiring residential properties, such as homes, land, flats, or any other type of habitation, is considered a fundamental aspect of individuals' lives. Therefore, the Government of India recognised the serious situation and passed the Real Estate Regulation and Development Act of 2016 to prevent future issues in the property industry. Before the implementation of this Act, the consumer protection law, particularly the Act established in 1986, served as the sole avenue for house purchasers and investors to safeguard their rights. However, this legislation proved inadequate in fully meeting their requirements or addressing pertinent legal concerns. This study aims to identify the current legal issues within the real estate industry and primarily focuses on providing appropriate recommendations for improving the sector. The findings of this research will assist researchers and future policymakers in further examining the responsibilities of promoters, real estate agents, and the rights of home buyers under the 2016 Act.