Comparative Analysis of Consumer Protection Act and Real Estate Regulation Act, 2016 - For Home buyers (Part-2) (Based on Amrapali Group Real Estate Scam)
Keywords:
• Importance of RERA • Advantages of RERA • Real estate scams • Authorities in the Act • Importance of Real Estate in EconomyAbstract
This manuscript is an extension of the previous volume regarding an in-depth study of Real Estate Regulation Act,2016. This study gives a detailed outlook as to how Real estate is the backbone of our economy and how this new statue enacted by the central government is much more effective as compared to other statutory remedy. It is worthwhile mentioning here that just like NGT, CAT, NCLT etc. who deals with one particular statute, there was an urgent need to create a regulatory body to keep a check on the flow of black money at the same time safeguard the interest of the property buyers from fraudulent acts of builder and brokers. This paper gives a detail analysis as to why RERA is much more efficient and trustworthy as compared to Consumer Protection Act, 1986. The legislative intent for enacting RERA was regarding regulation of real estate sector which became a hub of corruption and black money at the same time Consumer Protection Act,1986 was inefficient in providing the relief required to the aggrieved. The paper has been drafted in a chronological manner from introduction to the advantages of RERA also including the past real estate scam cases that shook India.
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