Statutes of Real Estate Sector at a Glance

Abstract

In recent years, the real estate sector has experienced substantial growth, yet it has remained relatively unregulated in terms of safeguarding consumer interests. While consumer protection laws exist, they primarily offer remedies after issues arise rather than proactively ensuring prevention, protection, or precautionary measures. This absence of professionalism and standardization has hindered the sector’s full potential for growth. The Real Estate (Regulation and Development) Act, 2016 is intended to fill this vacuum and achieve the objectives of ensuring accountability and answerability towards allottees and protecting their interests, infusing transparency and fair play, reducing fraud and delay establishing symmetry of information between the promoter and allottee, imposing responsibilities on both promoters and allottees and establishing regulatory oversight so that a proper mechanism is established in order to enforce contracts.