Study of Impact in Construction Project Due to Introduction of Rera
Abstract
For Indian real estate sector has been facing a slump since 2012. This is due to factors like unemployment, inventory pile-up, recession, low rental yield, unclear taxes and arbitration. However, the property prices have not stabilized accordingly (The Indian Express). As a result, the demand for property has decreased further. This reduced demand is causing a slowdown in the recovery of investment builders. The major issue facing the sector is lack of transparency. The system until recently was opaque with regards to price, construction delay, construction quality, ownership (title) and litigations. Of these, the biggest issue is the delay in the delivery of property to buyers. During the last two decades, the number of under construction properties rose to an all-time high. Particularly in major cities, many builders have flouted norms by failing to keep up with project deadlines (The Economic Times, 2017). For a homebuyer investing his life savings in the property, indefinite delays are a cause for worry. Property agents or brokers took advantage of prospective homebuyers by misinforming them about the quality of construction and completion. They misled homebuyers regarding amenities of the property. They would give assurances orally regarding property documents which were often missing or incomplete. Furthermore, the agents would hide the status of properties under litigation from prospective buyers (Sharma, 2017).
References
[2] Aditya V Kadam, Rushikesh R Jangam, Rushikesh R Pawar, Ashwini A Sagavekar, Prof. G. D. Parulekar, Prof. S. S. Patil, “Detailed Study and Analysis of RERA Act”
[3] Shripad S. Merchant* ,Rajesh Pednekar**andD. B. Arolkar, “Analysis of Dilutions of the Real Estate (Regulations and Development) Act 2016 by State Governments”
[4] S CA Jayesh Kariya, “Decoding Real Estate (Regulation and Development) Act”
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