Reality of RERA – Difficult to uncork!
Uncorked by K.R. Bulchandani, Advocate & Solicitor ably assisted by Avik Sarkar & Amit Nikam, Advocates, team of M/s. Kamal & Co., Mumbai.
INTRODUCTION
Parliament has enacted Real Estate (Regulation and Development) Act, 2016 (RERA) which has come into effect from 01.05.2017. The objects of RERA on paper are laudable. If enacted in its intent and spirit, it can be a boon for the consumer, who has been so far exploited by the unscrupulous builders and developers. The moot question is “if enacted in its intent and spirit”. The all powerful developers’ lobby has already prevailed upon several States. The result is that most of the States, empowered to frame Rules and Regulations for implementation of RERA have diluted the main teething effects to protect the consumer.