Real Estate is a fast growing sector given the fact that the government has also laid emphasis on development of Infrastructure in the recent past and has also planned for the same for the coming years.
The Prime Minister has also started initiatives for providing housing to all under the Pradhan Mantri Awas Vikas Yojna. The scheme offers subsidies to eligible customers for affordable housing segment under the laid down criteria.
Group Housing segment till recently was dominated by a few key players and they had started taking customers for granted. The entry of new players brought in mixed fortunes for customers but the segment was still unregulated.
To regulate and organize the segment, RERA – The Real Estate (Regulation & Development) Act, 2016 has been introduced and it aims to establish the Real Estate Regulatory Authority that would regulate and promote the real estate sector. The body will
* Ensure the sale of land or building or a project in an efficient and transparent manner
* Protect the interest of consumers
* Establish a mechanism to ensure speedy redressal of disputes
* Establish an Appellate Tribunal
* Cover both residential and commercial projects
The real estate and construction industry had widely welcomed the passage of Real Estate (Regulation & Development) Act, 2016. The outlook for Real Estate Sector is bright as there exists a huge gap between the demand and supply chain.