Navigating the evolving landscape of real-estate regulations in India

financialexpress.com:

By Karthik B V

India’s real estate sector has long been synonymous with both opportunity and complexity. Over the years, stakeholders ranging from global investors to individual homebuyers have witnessed an evolving regulatory framework that seeks to balance rapid growth with sustainable development. The legislative landscape in relation to real estate sector, is now transforming, signalling a positive shift towards transparency, accountability and efficiency.

With the real estate market expected to grow to Rs. 65,000 crores by 2024 and contribute 13% to the country’s GDP by 2025, the face-lift of the regulatory landscape will further aid the development of the sector. As we navigate through this changing terrain, it becomes imperative to recognize and adapt to these progressive developments that are reshaping the industry.

The introduction of the Real Estate (Regulation and Development) Act, 2016 (RERA), marked a watershed moment for the sector. Aimed at protecting homebuyers and enhancing the accountability of developers, RERA has been a pivotal step in restoring confidence in the real estate market. The Act ensures timely delivery of projects and establishes a regulatory authority that monitors transactions, providing a systematic approach to dispute resolution.

Another milestone has been the amendment of the Benami Transactions (Prohibition) Amendment Act, which has been instrumental in curbing illegal transactions and improving transparency. This, combined with the government’s push for digitization of land records through the Digital India Land Records Modernization Programme (DILRMP) as well as digitalisation of municipal/ panchayath records, is fostering an environment of trust and efficiency. Legislative trends