Real Estate (Regulation & Development) Act, 2016- A Critical Analysis
National Law Institute University, Bhopal
Real estate is a highly recognized and regulated sector globally. In the past few decades, this sector has proliferated largely in India, making it the second-largest player in the world economy. Until 2016, apart from the general consumer and property laws in the country, there was no specific statute to regulate and govern this sector. Therefore, this year the Parliament passed The Real Estate (Regulation and Development) Act, 2016. This Act intends to bring transparency, safety and a regulatory mechanism in this field. It pursues to prevent ‘distortion’ and ‘structural abuse of powers’ in this sector. In this article, an attempt has been made to analyse the inception, the needs, the objectives and the provisions of this Act. Lastly, the various details that the legislature failed to address along with different loopholes in this legislation will be discussed.