RERA - "Owning A Home Is A Keystone Of Wealth, Both Financial Affluence And Emotional Security"

Suvandna Kalra, Amity University Noida

CHAPTER 1 INTRODUCTION

"OWNING A HOME IS A KEYSTONE OF WEALTH, BOTH FINANCIAL AFFLUENCE AND EMOTIONAL SECURITY."

The demand for housing has increased, becoming the most crucial aspect of individuals' lives. Access to adequate1housing is a priority for the enjoyment of several human rights, including the right to work, health, education, social security, and privacy. Safe and secure housing is a fundamental need. Housing serves as a key input in economic, social, and civic development.

Real estate and infrastructure sectors are the two largest employers in India and have made significant strides in the past decade, garnering attention from policymakers, corporations, and banks. However, the real estate sector has historically lacked regulation, professionalism, standardization, and consumer protection. The absence of appropriate laws and regulations has allowed for the dominance of certain anti-social elements and illegal developments in the housing sector.

The lack of standardization and transparency, coupled with delays in project implementation, has led to cost overruns and credibility issues for builders. Consequently, it became imperative to introduce legislation to govern the real estate sector and protect homebuyers.