The Supreme Court has expressed severe dissatisfaction with the performance of the Real Estate Regulatory Authority (RERA) in a recent case involving private builders. The court's critique highlights the need for more stringent regulation and enforcement
ReraSupreme CourtReal EstateRegulationConsumer ProtectionReal Estate MumbaiMar 04, 2025
RERA, or the Real Estate Regulatory Authority, is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. Its role is to promote transparency, fairness, and accountability in the real estate market by ensuring that developers adhere to rules, provide timely project deliveries, and maintain high standards of construction.
The Supreme Court criticized RERA for its underwhelming performance in addressing consumer complaints and ensuring regulatory compliance among private builders. The court highlighted the authority's inefficiency and lack of proactive action in handling issues within the real estate sector.
Under the Real Estate (Regulation and Development) Act, 2016, RERA is responsible for regulating the real estate sector, ensuring compliance with the act's provisions, protecting the interests of homebuyers, and maintaining transparency and accountability in the operations of developers.
The Supreme Court's decision is expected to lead to more robust regulatory frameworks and stricter enforcement mechanisms. This could result in a more transparent and trustworthy environment for both developers and buyers, ultimately benefiting the growth and stability of the real estate market.
The Supreme Court has directed RERA to take immediate steps to rectify the current issues and to be more proactive in its regulatory efforts. This includes addressing consumer complaints, ensuring timely project deliveries, and enforcing compliance with regulatory norms.
SAI Branding launches RealDo, a game-changing SaaS platform for real estate management, offering unparalleled efficiency and real-time updates.
The elimination of indexation benefits may lead to a higher tax burden on real estate transactions, significantly impacting property sellers.
Odisha to hold investors' meet in Pune and Ahmedabad from Aug 7 to 9, with focus on attracting investment in auto, food processing, and downstream sectors.
Mumbai property owners will not face a tax hike this year as the BMC maintains current rates. This decision reflects the civic body's sensitivity to the financial burden on citizens, especially considering the economic impact of the pandemic.
According to real estate consultants, out of the total monthly sales in Mumbai's real estate market, close to almost half of the sales are for apartments in the range of 500 sq ft to 1,000 sq ft, followed by the second highest of under 500 sq ft.
Nana Patole, the President of the Maharashtra Congress, cast his vote on November 20, 2024, and strongly urged residents of Maharashtra to exercise their democratic right by voting in large numbers.