The Future Of RERA: Suggested Amendments To Strengthen Transparency, Accountability, And Consumer Confidence
- IJLLR Journal
- Apr 25
- 2 min read
Swaroop, Law Student, Law College Dehradun, Uttaranchal University, Dehradun
Purnima Tyagi, Asst. Prof., Law College Dehradun, Uttaranchal University, Dehradun
ABSTRACT
The Real Estate (Regulation and Development) Act, 2016 (RERA) has been a paradigm change in the way the real estate sector is governed in India. It brought in mandatory disclosures, regulation of promoter conduct, and specialized dispute resolution forums accessible to homebuyers. The legislation has been instrumental in improving transparency and consumer trust in the market. However, certain structural and operational limitations continue to hinder its effectiveness. Problems such as variable implementation from state to state, slow adjudication, promoters who are non, compliant with little fear of sanction, poor digitalization, and low levels of accountability point to a necessity for a consolidated “RERA 2.0” framework which would be stronger in these respects. The article performs an in, depth assessment of the present deficiencies of the regulatory environment and suggests the most relevant changes to invigorate not only the transparency but also the accountability and the enforcement power of the regulator. It considers such reforms as real, time project monitoring by geo, tagging, uniform disclosure standards, linking RERA portals with financial and land, record systems, heavy sanctions on fund diversion and fake practices, and speedy resolution of disputes by fast, track tribunals to name a few.
Moreover, the abstract points to the importance of a universal national appellate mechanism as well as enhanced regulatory oversight in ensuring the same standards across all states. By specifying the steps to be taken in the near future, the paper suggests that a reformed RERA could serve as a sturdy, tech, savvy, and investor, friendly regulatory framework capable of genuinely protecting homebuyers and at the same time, facilitating the sustainable development of the Indian real estate sector.
