Real estate hopes ride on Rera in 2018

It is expected to bring transparency and reinstate consumer faith in the industry

The year 2017 wasn’t just another year; it was a landmark year in India’s history — one that can shape the foreseeable future of the real estate industry. Among the more significant developments in a year of reforms for the realty sector was the implementation of the Real Estate Regulation and Development Act, 2016 (RERA), which came into full effect from May 2017. Rera was welcomed warmly by consumers, who have viewed the real estate sector through a cloud of mistrust for many decades. Instances of delayed projects, and ambiguous project specifications in the past had left homebuyers feeling frustrated