The Indian real estate sector has witnessed a rapid growth in the graph of Indian economy. People from rural areas are shifting to urban areas to find
better living opportunities, resulting in the increase of disposable incomes and demand for all forms of real estate in the country.
While the real estate sector was showing a continuous growth, people were facing various problems in buying homes due to the unethical practices and immoral activities of a few across the country. Due to delays in the project approvals and dispute resolution, the long-standing demand of the industry and consumers was not getting fulfilled. This called for an amendment and the need for reforms and a regulated sector in the real estate market. Counting for the world-class facilities to its citizen by providing home for all, developing smart cities and advancement in infrastructure development, the Indian government came up with the Real Estate Act.
This act empowers all stakeholders in real estate sector, such as consumers, developers, brokers/intermediaries and more by bringing much-needed transparency and accountability to place greater emphasis on planning and implementing unambiguous deeds of doing business in the sector. Starting from the launch of a project to post-sales issues of plots, apartments, shops, offices and other such properties, the Act covers a vast range of regularities of the real estate market.
Real Estate (Regulation and Development) Act 2016 is a step towards developing the real estate sector in India, infusing greater transparency, citizen centricity, accountability and financial discipline.