RERA Failing Homebuyers? Supreme Court Calls Its Functioning Disappointing!
The Supreme Court has expressed disappointment over the functioning of the Real Estate Regulatory Authority (RERA), stating that its implementation has been ineffective. While hearing a plea related to private builders, a bench of Justices noted the "domino effect" in the real estate sector, where the failure of one builder impacts multiple projects, causing widespread financial distress. A senior advocate appearing for Mahira Homes Welfare Association argued that the RERA Act has not been effectively enforced, leaving homebuyers vulnerable. The court acknowledged these concerns and emphasized the need for a stronger regulatory framework, though it noted that state governments might resist new regulatory measures.
The Real Estate (Regulation and Development) Act, 2016, was enacted to bring accountability to the real estate sector and safeguard homebuyers’ investments. However, with multiple stalled projects and ongoing disputes, stakeholders have called for stricter implementation and reforms. The court recognized the challenges in adjudicating real estate failures and highlighted the urgent need for systemic improvements. The issue underscores broader concerns about transparency and accountability in the sector, with the judiciary urging better enforcement to protect the interests of homebuyers and investors.
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