What is holding back the real estate Act?
Matters relating to land have to be administered by the states. For the law to come into force, the states need to meet certain deadlines. Here's a look at some of them
It seems that anything related to real estate in India struggles to adhere to deadlines. The Real Estate (Regulation and Development) Act (RERA), 2016, was proposed in 2009. When it was promulgated by Parliament in May 2016, it was hailed as game changer—with its emphasis on transparency and consumer protection. Even after being implemented by the Centre, it is still on the verge of missing the first of its deadlines. As per the Act, state governments are supposed to put in place all rules and regulations for their respective states by 31 October but that looks unlikely to happen.