Home Buyer and Builder Dispute Resolution Mechanism with Special Reference to RERA

Abstract

The Real Estate industry is a vital sector in the Indian economy, providing significant employment opportunities and contributing to the country's growth and development. However, due to the absence of a regulator, the sector has been characterized by a lack of transparency and accountability, leading to mistrust and low confidence among homebuyers, stakeholders, financial institutions, and developers. Builders have taken advantage of their dominant position in the market, leaving homebuyers in a
vulnerable position, leading to cases of cheating and fraud. To address this issue, the Real Estate Regulation and Development Act, 2016 (RERA) was enacted with the objective of protecting the interests of homebuyers and promoting transparency and accountability in the real estate sector. This research work will examine the efficacy of the Real Estate Regulation and Development Act, 2016 (RERA) in addressing the challenges faced by home buyers in the sector. It will identify the limitations
of RERA in providing complete protection to home buyers, such as ongoing projects excluded from the Act, circumventing of regulations by certain developers, and the time-consuming process of redressal of grievances. The study will also analyse whether RERA is indeed a panacea for the issues faced by home buyers, or if more comprehensive measures need to be taken to ensure that their interests are fully protected.