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Property conflicts are a typical element in India. Disagreements can take many forms. For example, the landlord and renter are arguing about the security deposit. Or the business partners that manage a 7 crore rupees business without a partnership agreement.
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RERA or Real Estate (Regulation and Development) Act, 2016 could be understood as a significant step towards the regulation of unorganised real estate sector of the country. The RERA Act in India acts as a guardian of the rights of the homebuyer who have been victims of fraudulent acts by the builders and their misleading claims.
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The implementation as well as enforcement of RERA laws are the responsibility of individual RERA authorities in each state of India. In its capacity as a regulatory body, the RERA authority upholds legal compliance, settles disagreements, and imposes sanctions for non-compliance.
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The real estate sector is a critical component of the economy, acting as a catalyst in meeting the country's housing and infrastructure needs. While this sector has grown significantly in recent years, it remains largely unregulated, with no standardization and inadequate buyer protection. Though the Consumer Protection Act of 2019 provides a forum for real estate buyers to express their concerns, the option is only curative. It needs to adequately address all of the issues confronting buyers and promoters in the sector. Lack of uniformity has hampered the industry's healthy and orderly growth. As a result, the need to regulate the sector has been highlighted in a variety of forums.
