Amrapali a wake-up call for regulators to tighten Rera norms
There is hope that the realty sector will revive, given that inventory has been gradually coming down
It has been three years and most states have failed to implement Rera
MUMBAI : On 23 July, the Supreme Court finally brought real estate developer Amrapali to book. It scrapped Amrapali’s registration under the Real Estate (Regulation and Development) Act, or Rera, and ordered a probe by the Enforcement Directorate into money laundering and diversion of funds. Besides, it directed government-owned NBCC India Ltd to complete all incomplete projects.
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