With the central Real Estate (Regulation & Development) Act (RERA) coming into force on May 1, India’s real estate market is undergoing a major transformation. In total, 13 states and UTs have already notified their rules showing commitment to safeguard the interests of homebuyers, builders, among other stakeholders by addressing issues related to delays, price, quality of construction, title, etc.
Grant Thornton-FICCI-Khaitan & Co report “Real Estate (Regulation & Development) Act (RERA) - The State Affair” can best be described as a ready reckoner on RERA rules at the state level. While some states and union territories have either notified or drafted the rules, others are yet to frame their own rules. Going forward, companies in the real estate sector would need to ramp up their systems/processes and focus on areas of project planning and design. Besides, these players should also work towards efficient working capital management to ensure full compliance with the law. On its part, the Government needs to act as a facilitator to ensure smooth transition to this key legislation.
We hope you will find this report useful.