Provisions and implementation of real estate regulatory acts in various states of India a review
- Nagarlok: Quarterly Journal of Urban Affairs
- 56(4), Dec, 2024: p.394-410
The construction industry in India is a vital component of the country’s economic development, serving as the second largest employer and contributing approximately 6.5 per cent to the GDP. Despite its significance, the sector has been largely unregulated and disorganised. To address these issues and curb the increasing malpractices, the Real Estate (Regulation and Development) Act of 2016, commonly known as RERA, was introduced. The primary objective of RERA is to regulate and promote the real estate industry efficiently and transparently while protecting the interests of home buyers. The Act came into force on May 1, 2016, initially notifying 52 of its 92 sections, with the remaining provisions implemented on May 1, 2017. Real estate governance in India is characterised by a combination of central and state-level laws. RERA mandates state governments to establish implementation rules within six months of the Act’s commencement. This paper aims to investigate the regulatory provisions enacted by various states to govern the real estate sector, particularly in the case of Uttar Pradesh (UP). The analysis shows how these regulatory frameworks deviate from the Central Act, hampering consumer interests and the effectiveness of regulation in the states.- Reproduced