Housing sector is one of the top contributors to country’s GDP and employment creation. Surprisingly, in spite of being such an important part of the economy, the real estate sector has remained by and large unregulated. The Real Estate sector is, to a limited extent, controlled and regulated at the local government’s level with every state government having its own set of rules and regulations for real estate development. Taking benefit of country’s abysmal judicial system, the developers have been taking property buyers for a ride, and putting real estate sector on the bottom of customer protection and satisfaction pyramid.With the things getting bad to worse, it has let to big hue and cry, making urgent need for a unified regulatory legal framework to protect customers’ interest.
To address the various structured issue in the real estate sector, the Central Government enacted “The Real Estate (Regulation and Development) Act, 2016” which received the President’s assent on 25th March 2016.
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