RERA Reshaping Real Estate, More Than 1.24 Lakh Complaints Disposed of: Eco Survey
According to the Economic Survey of 2023–24, which was presented in Parliament on July 22, the Real Estate (Regulatory and Development) Act of 2016 is “reshaping” the real estate market in India by enforcing “citizen-centric” rules and regulations that guarantee financial discipline and transparency in housing projects.
The 32 state and union territory level Real Estate Regulatory Authorities that were established as a result of the Act’s enactment have resolved 1,24,947 complaints in total, according to the Economic Survey. The Act also provides a “fast-tracked” dispute resolution process. The only state or union territory that has not yet received notification of the Act is Nagaland, even though its regulations are currently being formulated.
The Consumer Protection Act of 1986’s consumer forums were the sole avenue for homebuyers in stalled projects to seek redress prior to 2016, when RERA was passed and the first states began to alert residents of the law, according to the survey. It further stated that homeowners now have two main channels in which they can expect resolution for stalled projects with the passage of RERA and the Insolvency and Bankruptcy Code, or IBC, as well as further changes to it in case of real estate projects.
Subsequent changes have ensured the priority of RERA as the sectoral legislation by treating homebuyers as creditors and providing resolution plans for projects that comply with the law.
