The Indian Real Estate 2.0

The lack of transparency and inefficiency in the real estate sector had created an immediate demand for a much more efficient and proper vigilance mechanism. To address this concern, the Government of India recently brought into effect the a legislative change as well as implementation of specialized regulator through the enactment of the Real Estate (Regulation and Development) Act, 2016 ("Act") on May 1, 2016 which has come into full force from May 1, 2017. The Act provides that appropriate state government shall establish Real Estate Regulatory Authority to regulate and promote the state's/Union Territory's real estate sector. RERA rules have so far been notified by 18 states and Union Territories.