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Real Estate

RERA remains an under-construction project: why the real estate regulator has made little impact

A real estate regulator was intended to bring about systemic transparency, making builders accountable and aiding embattled homebuyers. But three years on, RERA remains a work in progress. Patchy implementation of the new law by states and inadequate powers to enforce orders have constrained the regulatory regime.
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muskan-khan
12 Sep 2019 12 Mins Read 0 comment
Patchy implementation of the new RERA law and inadequate powers have constrained the Real Estate Regulatory Authority. Getty Images
Patchy implementation of the new RERA law and inadequate powers have constrained the Real Estate Regulatory Authority.
Three years ago, millions of homebuyers heaved a sigh of relief as the real estate sector finally got its own regulator. The Real Estate Regulatory Authority (RERA) was expected to usher in a level-playing field in a largely unregulated sector where buyers were often left at the whims and fancies of builders. RERA is seen as one of the
aggrieved parties to get their grievances solved before filing a complaint with RERA. Clearly, a real estate regulator is a step in the right direction but loopholes in the regulatory framework need to be plugged to give RERA more teeth. ( With inputs from N Sundaresha Subramanian) ( Graphics by Sadhana Saxena, Abdul Shafiq, and Mohammad Arshad)
Three years ago, millions of homebuyers heaved a sigh of relief as the real estate sector finally got its own regulator. The Real Estate Regulatory Authority (RERA) was expected to usher in a level-playing field in a largely unregulated sector where buyers were often left at the whims and fancies of builders. RERA is seen as one of the aggrieved parties to get their grievances solved before filing a complaint with RERA. Clearly, a real estate regulator is a step in the right direction but loopholes in the regulatory framework need to be plugged to give RERA more teeth. ( With inputs from N Sundaresha Subramanian) ( Graphics by Sadhana Saxena, Abdul Shafiq, and Mohammad Arshad)

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