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ARTICLE · 12 OCTOBER 2016

The Real Estate (Regulation And Development) Act, 2016 - Comments

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For decades the promoter/developer, and not the consumer/allottee, has been king in real estate transactions. Buyers of property have been a harried lot.

IndiaReal Estate and Construction
Tamoghana Goswami
Tamoghana Goswami

For decades the promoter/developer, and not the consumer/allottee, has been king in real estate transactions. Buyers of property have been a harried lot. Their long cherished dreams of a house of their own were frustrated due to the uncertainty in construction and delivery of possession.

Attempts were made by the consumer/allottee to move the National Consumer Court or the Competition Commission of India in a wide variety of matters. The sheer number of cases clogged the two forums, bringing to fore a need for a separate dedicated and specialised regulator for the real estate industry

On March 25th, 2016, after a tumultuous passage in both the Houses of Parliament and after undergoing some substantial changes, The Real Estate Regulation and Development Act, 2016 was given assent by the President of India.

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