Real Estate is a vast sector and growing because of the vast urbanization and globalization. It is one of the highest GDP sector of our country. It is providing infrastructure development for the various sector and Housing being one of the basic needs of Human community the Real Estate sector has been growing day by day. As such in the fast growth it is very much necessary that it should be regulated by the required laws of the country to avoid illegalities and also to have sustainable growth of the sector. it is also growing as it provides huge employment potential to the human resources.
The Real Estate is governed by various laws, such as Land revenue Act, Transfer of property Act, Municipal corporation Act, etc. To give boost & regulate the Real Estate sector of the country RERA Act, has been passed. RERA Act is to give transparency & regulate the growth of the Real Estate sector in the country. Real Estate is also governed by GST laws with reduced rate of tax slabs for affordable housing for all.
RERA act provides that development of land shall be regulated by the state level regulatory authority of each state. It has empowered the consumers with buyer/consumer protections laws & Rules. RERA authorities have to work in lines with Central act for the proper implementation & sustainable growth of Real Estate. with implementation of RERA act the buyers are having equally bargaining powers as against the Builders. The agreements will be on equal footing between the buyers and builders. Builders have to do the completion of all work in time. there should not be nay delay in handing over, non false promises shall be made to buyers. With the implementation of RERA act the sector is going to boost the economy of country also.
Sharada H v