CONSUMER PROTECTION IN REAL ESTATE TRANSACTIONS: A CRITICAL ANALYSIS OF RERA’S EFFICACY AND IMPLEMENTATION CHALLENGES

Abstract

Real Estate (Regulation and Development) Act, 2016 commonly known as RERA is an Indian legislation passed by the Indian Parliament. The legislation aims at protecting the interest of homebuyers and nurture transparency, accountability, and efficiency in the construction sector. Even though RERA is a comprehensive law, it has struggled against enforcement issues such as lopsided implementation in different states, capacity limitations of regulatory authorities and procedural delays in grievance redressal with respect to the builder-buyer interface. The paper examines the legislative design of RERA, intent with which it was framed and institutional mechanisms stated, followed by an assessment on how much it has been able to close the gap between policy-design and reality. The book investigates whether RERA has achieved the twin objectives of protecting consumer and developers interests along with the development of a fair, competitive and sustainable real estate market landscape. The research further underscores the judgments that have limited its enforcement and explains the logistical barriers that subsume successes. This utilitarian blend adheres comparative examples from universal land administrative systems to present a domain-wide and point by point investigation of RERA's capacity for correction. The paper concludes with suggestions to enhance enforcement, increase the information base of stakeholders and improve effectiveness of dispute resolution in turn proliferationing moon-roofed RERA into an effective consumer protection tool within real estate transactions.