Navigating the RERA Landscape: A Comprehensive Analysis of State-Level Compliance in India
Abstract
A new age of openness and governance in India's real estate industry was ushered in by the Real Estate (Regulation and Development) Act, 2016 (RERA). Nonetheless, the degree to which RERA is implemented successfully differs greatly throughout jurisdictions, indicating a complicated mosaic of both compliance failures and achievements. This study aims to shed light on the variables affecting regulatory outcomes and compliance rates by conducting a thorough analysis of the state-by-state implementation of RERA in India. The first section of the document gives a summary of the main goals and provisions of RERA, emphasizing its importance in resolving persistent problems such project delays, quality challenges, and consumer protection. In order to analyses the condition of RERA implementation in each state and union territory and find common trends, problems, and best practices, the study draws on a wide range of sources, including official reports, academic literature, and media coverage.
The research aims to provide answers to several important questions through a methodical analysis, such as the main obstacles to the successful implementation of RERA in various states, the variables that affect the regulatory outcomes and compliance levels among states, the various factors that influence the implementation of RERA provisions, and the lessons that can be applied to improve compliance and regulatory effectiveness across the country from states that have implemented RERA exemplary. The study draws upon secondary data from Government Publications, MoHUA, Academic Research, Official RERA Websites, and News Articles to offer a comprehensive understanding of the distinct obstacles and approaches encountered by various jurisdictions in navigating the intricacies of RERA implementation.
The study concludes by synthesizing findings and providing recommendations to industry stakeholders, legislators, regulators, and civil society actors on how to enhance the implementation of RERA and enhance regulatory outcomes. This paper seeks to support ongoing efforts to improve accountability, transparency, and consumer protection in the real estate industry by promoting a broader awareness of the varied compliance landscape across India. To create India a Viksit Bharat by 2047, a great deal of effort must be done in a mission-oriented manner.
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References
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