The Real Estate (Regulation and Development) Act, 2016 (RERA) will be completing a year since its roll out on May 1, 2017. As the first anniversary of RERA draws closer, so does the knowledge that the implementation across states is nowhere close to its goal. Knight Frank India has launched a whitepaper that presents an overview of the current situation and looks at some of the issues that are vital for the implementation of RERA in the true letter and spirit of the Act.
Summing up the report, Dr Samantak Das, Chief Economist & National Director – Research, Knight Frank India, says, “The Indian realty sector entered a new paradigm with the onset of the nation-wide implementation RERA, last year. There have been a lot of discussions pertaining to different provisions of the Act such as the definition of on-going projects, the punishments for violations, scope of violations etc. which is a healthy exercise. However, it is equally important to ascertain the performance of state governments in establishing the RERA machinery. In this report we have seen that the progress has been abysmally slow, although the Central Act was implemented two years ago. Unless and until, RERA is implemented in the true letter and spirit of the Act, the sentiment that drives purchase of residential property is unlikely to change. We believe that the confidence of buyers on development of projects and timelines is a critical yardstick influencing buying behaviour.”
Click here to see: RERA Anniversary Special Report LAW OF THE LAND