In our country, the real estate sector plays a key role in providing the need for housing and infrastructure. While this industry has experienced great growth in recent years. It has primarily been unregulated, with a lack of professionalism and standards, as well as little consumer protection. Although the Consumer Protection Act of 1986 provides a forum for purchasers in the real estate market, it is only curative and insufficient to address all of the problems of buyers and promoters in that sector.
The lack of standards has affected the industry’s healthy and orderly progress. Insight of the above, central legislation, namely RERA 2016, is needed in the interests of effective consumer protection, consistency, and standardisation of business practices and deals in the real estate industry. The act establishes RERA for the regulation and promotion of the real estate industry, as well as to ensure the efficient and transparent sale of a plot, apartment, or building, as the case may be, and to secure the rights of consumers.
The act will guarantee that customers are held more responsible and that fraud and delays are greatly reduced It tries to create a balance between consumers’ and promoters’ interests by putting certain responsibilities on both.
As a result, RERA will establish professionalism and standard in the sector, opening the path for long-term growth and investment.
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MeraLegal will assist you in obtaining all appropriate licenses and registrations of real estate projects and agents; please click on the following link to contact one of our consultants.