IJSSER

Title: Impact of RERA, 2016 on The Growth of Real Estate in India
Authors: Sakshm Ohri
\|\| \|\|
Sakshm Ohri Delhi Public School Gurgaon, India
MLA 8 Ohri, Sakshm. "Impact of RERA, 2016 on The Growth of Real Estate in India." Int. j. of Social Science and Economic Research, vol. 9, no. 7, July 2024, pp. 2415-2425, doi.org/10.46609/IJSSER.2024.v09i07.021. Accessed July 2024. APA 6 Ohri, S. (2024, July). Impact of RERA, 2016 on The Growth of Real Estate in India. Int. j. of Social Science and Economic Research, 9(7), 2415-2425. Retrieved from https://doi.org/10.46609/IJSSER.2024.v09i07.021 Chicago Ohri, Sakshm. "Impact of RERA, 2016 on The Growth of Real Estate in India." Int. j. of Social Science and Economic Research 9, no. 7 (July 2024), 2415-2425. Accessed July, 2024. https://doi.org/10.46609/IJSSER.2024.v09i07.021.
References [1]. What is RERA 2016- Real Estate Regulatory Authority and RERA Rules https://www.sobha.com/blog/rera-act-2016-real-estate-regulatory-authority/#:~:text=Salient%20Features%20of%20the%20RERA%20Act&text=If%20there%20is%20any%20default,pay%20an%20equal%20interest%20rate.&text=A%20penalty%20must%20be%20paid,approximate%20cost%20of%20the%20project [2]. UNVEILING INDIAN REAL ESTATE- THE PAST, THE PRESENT, THE FUTURE https://medium.com/@sakshmohri/unveiling-indian-real-estate-past-present-and-future-6b47298fdfff [3]. RERA and COVID-19 Pandemic: The Critical Analysis of its Impact on the Indian Economy: https://www.bathiyalegal.com/post/rera-and-covid-19-pandemic-the-critical-analysis-of-its-impact-on-indian-economy [4]. Major Provisions of Real Estate (Regulation and Development) Act, 2016: https://www.lawinsider.in/columns/major-provisions-of-real-estate-regulation-and-development-act-2016
ABSTRACT: Investing in real estate in India is complex, involving substantial savings, extensive research, and numerous legalities. The Real Estate (Regulation and Development) Act of 2016 (RERA) has significantly improved the sector by promoting transparency, accountability, and protecting homebuyers. Historically, India's real estate evolved from traditional systems to a regulated market under British rule, with RERA further transforming the landscape, especially in regions like Gurugram. RERA mandates project registration, accurate advertising, standardized carpet area definitions, timely project completion, and efficient dispute resolution. These measures ensure buyers have reliable information and protections, making the market more trustworthy. The COVID-19 pandemic heavily impacted the sector, causing project delays and financial difficulties. Despite these challenges, the residential sector rebounded post-pandemic due to increased demand and supportive government policies. Real estate is vital to India's economy, contributing significantly to GDP and employment. It is the second-largest employment generator after agriculture, providing around 5.5 crore jobs. The sector drives urbanization and infrastructure development, supports related industries, and offers significant investment opportunities, enhancing economic stability and growth. Overall, the survey paints a positive picture of RERA’s impact on the real estate sector, particularly in terms of increasing investor confidence and enhancing transparency and accountability. However, it also underscores the need for continuous improvements in awareness, enforcement, and procedural efficiency to fully realize the potential of RERA. By addressing these challenges and implementing the suggested improvements, RERA can further strengthen its role in transforming the Indian real estate landscape and ensuring a more secure and transparent environment for both residential and commercial real estate investments.

IJSSER is Member of