Real estate is one of the largest industries in India. In the
past two decades, the real estate sector has seen a boost in the
country, in terms of the quantum of development (commercial and
residential properties) and the price of properties. In spite
of the same, real estate has remained the most unregulated of
sectors, with every State having a different law to regulate
properties. Hence, there was no single superior legislation, which
would govern this industry.
The absence of a specific, stringent law for this industry led
to exploitation of buyers of the property, by the developers. For
example, there could be excessive delay in construction and handing
over possession of property, biased/arbitrary contracts, deduction
in the usable area of the property by developers, and a lack of
transparency in the sector, and such like. Due to these issues, the
Government of India, introduced a central legislation viz.
the Real Estate (Regulation and Development) Act, 2016
(
