Five Years On: An Assessment of RERA – The Road Ahead for a Stronger On-Ground Regime
Secure and stable access to property and housing is critical for the socio-economic wellbeing of every individual in the country. Typically, a property purchase is one of the largest and most important financial decisions made by a family. Despite its importance in the lives of Indians, the land and property markets in India seemed to lack much-needed transparency, efficiency and are fraught with challenges. Creating a seamless ecosystem built on a foundation of state and regulatory support would act as a catalyst for positive change.
Recognizing the need to urgently address these issues and alleviate the pain points, the Real Estate (Regulation and Development) Act (RERA) was passed in May 2016. The primary aim of the Act was to protect the home buyers’ interests and boost investment and growth in the sector. Almost five years after its introduction, Boston Consulting Group (BCG) in collaboration with Omidyar Network India (ONI) have coauthored a report that captures the implementation of RERA across key dimensions—customer awareness and education, transparency, accountability, timely grievance redressal and overall confidence in the real estate sector. The report has in-depth interactions with stakeholders to gauge the effectiveness of RERA across the key dimensions and provide a call to action for its more effective implementation.