The regulation of the real estate sector to protect the interests of the buyer has been the focus of state governments ever since the private sector became involved in the development and sale of real estate. Until recently, this regulation mostly took the form of legislations meant to impose certain mandatory conditions on real estate promoters. However, there was very little compliance to the regulatory framework, and violations of legal requirements became commonplace. A deep trust deficit came to exist between real estate promoters and buyers. This culminated in the implementation of the Real Estate (Regulation and Development) Act, 2016.
This brief closely looks at the key issues faced when implementing the Act, highlighting the Act’s shortcomings and providing recommendations to help resolve these issues.