The Real Estate (Regulation and Development) Act, 2016: A Regulatory Shift in Real Estate Regime in India

Dr. Ashutosh Bairagi

Volume : VI, Issue : IX, September - 2017

The Real Estate (Regulation and Development) Act, 2016: A Regulatory Shift in Real Estate Regime in India

Dr. Ashutosh Bairagi

Abstract :

At present, the real estate and construction sectors are playing a crucial role in the overall development of India�s core infrastructure. It is the second largest employer in the country after agriculture. It comprises of 4 sub-sectors, i.e., Housing, Retail, Commercial and Hospitality.

A real estate transaction involves complex issues such as financing, transfer of ownership or right and interest, applicability of various property laws and tax laws etc., which are beyond the understanding of a common man. This enormous sector had for the most part been unregulated and disorderly with consumers being subject to harassment and unsympathetic practices of the builders.

Despite of Consumer Protection Act, 1986, Indian Contract Act, 1872 and other laws, the hardships of homebuyers as consumers persisted. The real estate industry in India was in dire need of effective regulation, towards consumer protection and the Real Estate (Regulation and Development) Act, 2016 is a good starting point towards change.