{"id":202841,"date":"2022-08-30T11:18:30","date_gmt":"2022-08-30T05:48:30","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=202841"},"modified":"2022-09-27T12:22:53","modified_gmt":"2022-09-27T06:52:53","slug":"answered-do-you-think-that-the-real-estate-regulation-and-development-act-is-sufficient-to-address-cases-like-that-of-the-supertech-towers","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/answered-do-you-think-that-the-real-estate-regulation-and-development-act-is-sufficient-to-address-cases-like-that-of-the-supertech-towers\/","title":{"rendered":"[Answered] Do you think that the Real Estate (Regulation and Development) Act is sufficient to address cases like that of the Supertech towers?"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td width=\"616\"><strong>Introduction:\u00a0<\/strong>Contextual introduction.<br \/>\n<strong>Body:\u00a0<\/strong>Explain how the Real Estate (Regulation and Development) Act is sufficient to address cases like that of the Supertech towers. Also, write some existing challenges.<br \/>\n<strong>Conclusion<\/strong>: Write a way forward.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Real Estate (Regulation and Development) Act (RERA), 2016 is a central legislation which aims to regulate the real estate sector. About 77% of total assets of an average Indian household are held in real estate. It\u2019s the largest single investment most families make.\u00a0The demolition of Supertech&#8217;s twin towers is a lesson for all stakeholders in the real estate industry that accountability will be fixed if they violate building laws.<\/p>\n<p><strong>Sufficient to address cases like that of the Supertech towers:<\/strong><\/p>\n<ul>\n<li>It brings about <strong>standardisation of contracts, reduces the information asymmetry<\/strong> between buyers and other stakeholders by making relevant information public and minimises misuse of upfront payments by buyers.<\/li>\n<li>The RERA Act ensures <strong>quality production, timely delivery<\/strong>, balanced agreements, transparency on sale based on carpet area and transparency on utilisation, among other benefits.<\/li>\n<li>The RERA rule also paves way for promoter&#8217;s promise to have a <strong>legal standing<\/strong> to it. The promoter has to give a declaration, supported by an affidavit stating the time period within which the project or the specific phase will get completed.<\/li>\n<\/ul>\n<p><strong>Challenges:<\/strong><\/p>\n<ul>\n<li>It can not resolve the corruption at the <strong>level of urban bodies<\/strong>. It also suffers from the general <strong>weakness in state capacity<\/strong> as each state needs to establish a regulatory body.<\/li>\n<li>State governments regulated real estate before RERA as land and land improvement are in the <strong>State List<\/strong> of Seventh Schedule of the Constitution. RERA has been enacted under <strong>Concurrent<\/strong> <strong>List<\/strong>. This has increased the tussle between various states and Centre over implementation of RERA.<\/li>\n<li>A major concern has been <strong>delay due to government approvals<\/strong> of real estate projects (like ownership certificate, land use conversion, environmental and pollution NOCs etc).<\/li>\n<li>State RERA authorities usually may <strong>not have enough infrastructures<\/strong> to verify every permission and the lacuna can lead to illegal constructions.<\/li>\n<\/ul>\n<p><strong>Way forward:<\/strong><\/p>\n<ul>\n<li>The state regulatory authorities under the RERA Act should be more empowered to take action against defaulters and protect consumers\u2019 interest.<\/li>\n<li>Actions like <strong>digitise land records<\/strong> available in public domain can help in further providing transparency.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Introduction:\u00a0Contextual introduction. Body:\u00a0Explain how the Real Estate (Regulation and Development) Act is sufficient to address cases like that of the Supertech towers. Also, write some existing challenges. Conclusion: Write a way forward. Real Estate (Regulation and Development) Act (RERA), 2016 is a central legislation which aims to regulate the real estate sector. About 77% of&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/answered-do-you-think-that-the-real-estate-regulation-and-development-act-is-sufficient-to-address-cases-like-that-of-the-supertech-towers\/\">Continue reading <span class=\"screen-reader-text\">[Answered] Do you think that the Real Estate (Regulation and Development) Act is sufficient to address cases like that of the Supertech towers?<\/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":[9],"tags":[],"class_list":["post-202841","post","type-post","status-publish","format-standard","hentry","category-public","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704783665},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/202841","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=202841"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/202841\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=202841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=202841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=202841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}