REAL ESTATE REGULATION AND DEVELOPMENT ACT: A BLESSING OR A SATIRICAL ACT
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Abstract
RERD act was passed with an aim to establish Real Estate Regulatory Authority in the country in order to curb the malpractices by the big builders like demand of price rise, incomplete approval and requisite certification, defective title of land, illegal construction by the promoters in order to enhancing greater accountability of the promoter towards the home buyer. The research paper would discuss the provisions like compulsory registration of projects, standard interest rate in case of breach of condition, price only for carpet area, timely allotment and wider definition of promoter as well as its liability.
The paper would also discuss the provision of RERA and good governance. Lastly the paper concludes analyzing the bottom of the pyramid that whether adequate infrastructural facilities are available with the state for its effective implementation as its not that India doesn’t have the resources to do so. It is more about whether India has a political will to do so is a question to be pondered upon.
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