AN OVERVIEW OF THE REAL ESTATE SECTOR IN INDIA

Abstract

Real Estate sector is very prominent in India especially in this contemporary period due to unmatched real estate development and construction being witnessed throughout the nation. This tenacious demand for real estate development in India has led to an excessively dominant position that is enjoyed by builders and developers in India. The overall trends pursued in the real estate sector clearly show that the builders arbitrarily frame one-sided agreements which are heavily concentrated with terms and conditions which are in favour of the builder. This wrong has been committed in several cases and is an example of the abuse of dominant position exercised by the builders upon buyers and due to this very reason, buyers are facing obstacles like delay in delivery of possession of flats, alterations in the allotment without allottee’s consent. To tackle this misuse of power by the builders and many other such issues that were prevailing in the sector, the Real Estate Act was enacted by the Parliament. Exercising due diligence before investing in the Real Estate sector is of primary importance. This article will also throw light on the process of due diligence. Real Estate (Regulation and Development) Act, 2016 was enacted with a view to establish an Authority for regulation and promotion of the real estate sector in India.