{"id":202757,"date":"2022-08-30T20:23:02","date_gmt":"2022-08-30T14:53:02","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=202757"},"modified":"2022-08-30T20:24:11","modified_gmt":"2022-08-30T14:54:11","slug":"a-major-test-looms-for-our-real-estate-reforms","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/a-major-test-looms-for-our-real-estate-reforms\/","title":{"rendered":"A major test looms for our real estate reforms"},"content":{"rendered":"\n<p><strong>Source<\/strong>: The post is based on an article\u00a0<strong>\u201c<\/strong>A major test looms for our real estate reforms<strong>\u201d<\/strong>\u00a0published in\u00a0<strong>The Live Mint<\/strong>\u00a0on\u00a0<strong>30<sup>th<\/sup>\u00a0August 2022<\/strong>.<\/p>\n<p><strong>Syllabus: GS 3 \u2013 Industries and industrial policies <\/strong><\/p>\n<p><strong>News: This article discusses about the provisions under <\/strong>Real Estate (Regulation and Development) Act, 2016 and various steps taken by the government in the real estate.<\/p>\n<p>According to an estimate by a realty consultancy firm, the construction of about 240,000 homes remains stalled in the National Capital Region (NCR).<\/p>\n<h5><strong>What are the steps taken by the Government in real estate sector?<\/strong><\/h5>\n<p>The Centre set up a special fund to complete stalled affordable housing projects across the country.<\/p>\n<p>The National Buildings Construction Corp Ltd and developers with proven track records also took over unfinished projects.<\/p>\n<p>Real Estate (Regulation and Development) Act, 2016 had a blueprint for the sector\u2019s regulatory architecture.<\/p>\n<h5><strong>What are different provisions under Real Estate (Regulation and Development) Act,<\/strong> <strong>2016?<\/strong><\/h5>\n<p><strong>First<\/strong>, All builders had to register their projects with a state\u2019s Real Estate Regulatory Authority (RERA).<\/p>\n<p><strong>Second,<\/strong> they have to be clear on other undertakings and keep the funds pooled from homebuyers of one project in an escrow account so that none of it could be diverted.<\/p>\n<p><strong>Third,<\/strong> they had to abide by clear delivery timelines failing which they had to refund buyers or pay interest on their money for delays.<\/p>\n<p><strong>Fourth,<\/strong> Customers could also approach consumer courts under RERA which was given the power to crack down on builders with fines or prison terms.<\/p>\n<p>The judiciary classified advance paying homebuyers as creditors, letting them to form a group and to drag corrupted builders to bankruptcy courts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: The post is based on an article\u00a0\u201cA major test looms for our real estate reforms\u201d\u00a0published in\u00a0The Live Mint\u00a0on\u00a030th\u00a0August 2022. Syllabus: GS 3 \u2013 Industries and industrial policies News: This article discusses about the provisions under Real Estate (Regulation and Development) Act, 2016 and various steps taken by the government in the real estate. According&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/a-major-test-looms-for-our-real-estate-reforms\/\">Continue reading <span class=\"screen-reader-text\">A major test looms for our real estate reforms<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10501],"class_list":["post-202757","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704913410},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/202757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=202757"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/202757\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=202757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=202757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=202757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}