About 70 percent consumers are aware of realty law RERA: Survey

About 70 per cent of consumers are aware of the realty law RERA and five out of six home buyers want to redress their grievances through this law. These things have come to the fore in a survey released on Wednesday by Omidyar Network India and Boston Consulting Group.

However, the report noted that there are still several impediments in the implementation of the grievance redressal process, as “only 22 per cent of the consumers involved in the grievance redressal process were satisfied with the erratic timelines involved”. The Real Estate (Regulation and Development) Act, 2016, was passed by the Parliament in March 2016.

The report is based on interactions with over 1,300 customers, developers, regulatory authorities and stakeholders such as chartered accountants, engineers and architects across Maharashtra, Uttar Pradesh, Madhya Pradesh, Orissa and Karnataka. The survey revealed that the law has instilled a sense of confidence among homebuyers.

What is RERA?

The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act
passed by the Indian Parliament with an aim to protect home-buyers as well as help boost investments in the real estate industry. Under this act, a Real Estate Regulatory Authority (RERA) has been established in each state of India with a vision to regulate the Real Estate Sector in India and to acts as an adjudicating body for speedy dispute resolution.

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