Revitalizing Real Estate: Decoding Disputes, Propelling Policies, and Pioneering Solutions

Abstract

In the challenging landscape of real estate, project delays due to conflicts were a persistent issue until the Indian government introduced the Real Estate (Regulation and Development) Act (RERA) in 2016. This transformative legislation aimed to bring transparency and accountability to the sector. Through a systematic approach involving a literature review, case studies, and tailored surveys, this study explores RERA’s effectiveness from the perspectives of developers and customers. Despite awareness of real estate policies, certain elements like the appellate tribunal are often overlooked by stakeholders. Developers highlight positive impacts and financial prudence catalyzed by RERA, while customers stress the need for stringent regulations, emphasizing timeliness and transparency. Survey-derived recommendations include a Pan-India registration system and an efficiency rating for developers. Although focusing on NCR Delhi initially, the study emphasizes the importance of broader research for comprehensive policy recommendations, ultimately aiming to reduce delays and ensure timely project delivery.