Economic Survey Stresses on Resolving Legal Cases of Homebuyers for Revival of Real Estate Sector
The RERA is one of the significant reforms implemented in the real estate sector and its core objective is to ensure regulation and protect the interest of homebuyers, it said.
New Delhi: The Economic Survey 2019 has acknowledged that the legal battle being fought by homebuyers against real estate developers for delay in possession of housing units is one of the major concerns in the real estate sector.
“One of the important concerns in the real estate sector is the legal battle being fought by home buyers against the builders for delaying the housing projects,” it noted.
The Real Estate (Regulation and Development) Act, 2016, is one of the significant reforms implemented in the real estate sector. The core objective of this transformative legislation is to ensure regulation and promote real estate sector in an efficient and transparent manner and to protect the interest of homebuyers, it said.
The survey said that rules under RERA has been notified by 30 states/union territories, while 28 states/UTs have set up regulatory authorities. The northeastern states of Arunachal Pradesh, Meghalaya, Nagaland and Sikkim are under process to notify the rules under RERA.
Though RERA was not applicable in Jammu & Kashmir, the state has notified its own legislation, titled The Jammu and Kashmir Real Estate (Regulation and Development) Act, 2018 on December 16, 2018.
RERA came into effect from May 1, 2017 and Maharashtra was the first state to implement it by setting up MahaRera. Midwifed by two governments — UPA II and the NDA II — between 2009 and the 2016, the legislation was necessitated by the growing misery of tens of thousands of harried homebuyers.
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