RERA: Promise vs. Reality – Examining Implementation Challenges in India
While RERA has been a significant step towards regulating the real estate sector in India, its implementation across different states has faced various challenges. Here are some key issues:
1. Lack of Uniformity and Interpretation:
Different Rules and Regulations: Each state has its own RERA rules and regulations, leading to inconsistencies and confusion for developers and buyers. This lack of uniformity hinders the smooth functioning of the law across the country.
Varying Interpretations: Different RERAs interpret the Act in their own way, leading to varying interpretations and implementation practices. This creates a fragmented regulatory landscape, making it difficult for developers to comply with the law consistently.
2. Capacity and Resources:
Understaffed and Under...
