International Journal For Multidisciplinary Research

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Impact of Rera, 2016 on Homebuyers and Promoters

Author(s) ANJU
Country India
Abstract The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted to protect the interests of homebuyers and promote transparency in the Indian real estate sector. This paper examines the impact of RERA on homebuyers and promoters in India. RERA has brought about significant changes in the real estate industry, including the establishment of a robust regulatory framework, increased accountability of developers, and enhanced consumer protection.
For homebuyers, RERA has provided a sense of security and confidence in the market. The act has ensured that developers register their projects with the relevant authorities, providing homebuyers with a sense of assurance about the legitimacy of the project. Moreover, RERA has enabled homebuyers to seek redressal of grievances through a fast-track dispute resolution mechanism.
For promoters, RERA has brought about significant changes in the way they operate. The act has imposed stricter regulations on developers, including mandatory registration of projects, disclosure of project details, and adherence to timelines. This has led to an increase in transparency and accountability among developers, which in turn has reduced instances of delay and mismanagement.
Keywords Homebuyers, promoters, impact, act, RERA
Field Sociology > Administration / Law / Management
Published In Volume 6, Issue 4, July-August 2024
Published On 2024-07-23
Cite This Impact of Rera, 2016 on Homebuyers and Promoters - ANJU - IJFMR Volume 6, Issue 4, July-August 2024. DOI 10.36948/ijfmr.2024.v06i04.24572
DOI https://doi.org/10.36948/ijfmr.2024.v06i04.24572
Short DOI https://doi.org/gt43wn
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