Challenges of RERA: An analysis of New Reforms
DOI:
https://doi.org/10.3759/jocetm.v7i3.34Abstract
Abstract
Making it into the list with names like The United States of America, Germany, China,
Singapore and UAE, India has finally received a green light. In contrast, where a developed country like US had it implemented in 1974, the time lag of 42 years in India raises a number of questions. After a long wait of 9 years, Real Estate Regulation and Development act, 2016 (RERA) has eventually come into force. With the act getting operational from May 1, 2017, it has already created a havoc amongst the builders and the developers of the country. Finally, after 70 years of independence and sovereignty, India has taken up a step, a step too bold to safeguard the interest and the rights of the common man. The panorama, sure too late, but has changed eventually and intends to mark the beginning of an era where the consumer will be the king. It properly entitles the work of each and every person involved. The various aspects of the act bring out every minor detail that one would require. Although RERA is launched and is in implementation, there are number of things what people are not aware about until now. In fact, majority of states are not yet ready and are still to appoint regulators. It is made mandatory for the states and UTs to set up the authority. However, only 13 states including Gujarat, Odisha, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh, Maharashtra, Bihar and Union territories have so far been successful in reporting the rules. States which for time being are appointing interim authorities will have to create full-fledged bodies. Several parts of the country such as the north eastern states would have to be considered separately and may require different set of rules. In this paper, investigations are made into the present scenario, impending challenges and the impact of RERA in long run. There are various roles and definitions which are to be still made clear. This paper is very much useful for constructors, builders, policy makers and administrators.
Keywords: Real estate, government policy, reforms
Cite this Article
Chauhan Krupesh A, Preety Tiwari.
Challenges of RERA: An Analysis of New
Reforms.
Journal
of
Construction
Engineering,
Technology
and
Management. 2017; 7(3): 11–16p.
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