Building a New Foundation: The Impact of RERA on India’s Economic Landscape

Volume: 10 | Issue: 02 | Year 2024 | Subscription
International Journal of Housing and Human Settlement Planning
Received Date: 08/20/2024
Acceptance Date: 10/28/2024
Published On: 2024-11-10
First Page: 15
Last Page: 26

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By: Gourav Kumar Sharma

GST Practioner, Infinity Services (Founder), An Accounts Outsourcing Firm, Indore (M.P.), India

Abstract

On the day it took effect in India in 2016, the Real Estate (Regulation and Development) Act (RERA) caused a stir in the country’s economic politics. Real Estate Regulatory Authority (RERA) looks to regulate the industry, ensure transparency, protect home buyers’ interests and improve investor confidence. This has resulted in increased consumer trust since homebuyers are able to access reliable information, and recourse mechanisms in case of disputes. RERA’s provisions for timely project completion and adherence to quality standards have encouraged developers to focus on delivering projects efficiently, thereby boosting investor sentiment and attracting foreign investment. Challenges remain in effective implementation, particularly regarding compliance by all stakeholders and streamlining processes across states. RERA has reshaped the real estate sector, fostering a more transparent and regulated environment that contributes to India’s economic growth and development.

Keywords: Economic landscape, real estate regulation, digital India, India’s economic landscape, RERA implementation

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Citation:

How to cite this article: Gourav Kumar Sharma, Building a New Foundation: The Impact of RERA on India’s Economic Landscape. International Journal of Housing and Human Settlement Planning. 2024; 10(02): 15-26p.

How to cite this URL: Gourav Kumar Sharma, Building a New Foundation: The Impact of RERA on India’s Economic Landscape. International Journal of Housing and Human Settlement Planning. 2024; 10(02): 15-26p. Available from:https://journalspub.com/publication/ijhhsp/article=13635
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