Analysis Of Recent Amendments In The Real Estate (Regulation And Development) Act, 2016
- IJLLR Journal
- Sep 17
- 1 min read
Ms. Garima Juneja, Assistant Professor at Gitarattan International Business School, Rohini, Delhi
Shraddha Jha, Gitarattan International Business School, Rohini, Delhi
ABSTRACT
The Real Estate (Regulation and Development) Act, commonly known as RERA, is a significant legislation enacted by the Government of India in 2016. Its primary objective is to regulate and promote transparency in the real estate sector to protect the interests of homebuyers and promote timely delivery of projects. RERA mandates the registration of real estate projects and agents, establishes a regulatory authority in each state and union territory, and ensures the timely completion of projects through strict guidelines. It also aims to address grievances and disputes effectively through its provisions. RERA provides a structured framework for both developers and homebuyers, thereby enhancing trust and accountability in the industry and has instilled greater transparency and accountability among developers and builders. This has not only enhanced the confidence of homebuyers but has also streamlined the process of project delivery, leading to increased trust between all stakeholders involved in real estate transactions. Various amendments and updates have been made to the act since its inception in 2016 to streamline processes, and strengthen regulatory oversight in the real estate sector and address evolving challenges and improve its effectiveness.
Keywords: Real Estate (Regulation and Development) Act (RERA), Regulatory Authority, Homebuyers, Developers, Promoters, Statutory compliance, Affordable housing, Technology integration, Digital compliance, Streamlined processes, Regulatory amendments, Buyer awareness, Supreme Court judgments.
