Analysing the Real Estate (Regulation and Development) Act, 2016

Abstract

This paper aims to emphasize on how this Act has aided in curbing the menace and ensured the birth of transparency and accountability in this sector. Due to the absence of proper and subject-specific authority, the sector has been lacking the element of fidelity, however, now the sector has its own subject-specific law along with a proper regulating body, which is seen as a relief for the buyers from the malpractices of the promoters and the developers. Nevertheless, this Act is not devoid of shortcomings. Moreover, the Act under its scope does not only cover the promoter/developer of real estate projects but also private equity investors. In spite of it being a benefaction for the real estate sector, there have been several issues that have been raised recently relating to the jurisdiction and scope of the Act in dealing with lease agreements and authors have projected two different views for the same. Therefore, the authors strongly assert the fact that lack of precision in the Act can be effectively rectified by certain amendments by the legislature.