Stakeholders’ Perceptions on the Real Estate Act

Abstract

The Real Estate (Regulation and Development) Act, 2016 (RERA Act) represents a transformative paradigm aimed at improving transparency and accountability in India’s real estate sector significantly impacting the industry. However, despite its implementation, gaps remain regarding stakeholders’ awareness, understanding, and experiences with RERA. This study thus explores the perceptions of key stakeholders—promoters, allottees, and real estate agents—regarding RERA’s effectiveness, with a focus on Mumbai city in India. A structured survey was conducted to gather data on stakeholders’ experiences on compliance, transparency, financial practices, and project timelines. Pearson’s correlation and segmentation methods were used to analyze the relationships between these factors. The findings reveal that transparency is the most appreciated reform, fostering increased trust across all stakeholder groups. However, concerns persist around financial compliance, project delays, and inconsistent awareness of RERA provisions. Promoters expresses concerns over stricter financial regulations, while allottees emphasize on possession timelines. Real estate agents, meanwhile, view transparency positively but raised concerns about legal compliance. These results indicate a need for targeted education on RERA provisions and establishment of better communication among stakeholders. This study highlights critical areas for policy refinement to strengthen the regulatory environment and foster a more robust and transparent real estate market in India.