The Road Ahead For A Stronger On-Ground Regime
By Omidyar Network India & BCG
At Omidyar Network India, we believe that secure and stable access to property and housing is critical for the socio-economic wellbeing of every individual. Typically, a property purchase is one of the larger and more critical financial decisions made by a family. It is also the fundamental driver for savings and borrowings in a household's balance sheet and often serves as the primary asset for generating liquidity in times of need.
Despite this centrality in the lives of all Indians, the land and property markets in India lack transparency and efficiency and are fraught with litigation challenges.
Recognizing the need to urgently address these challenges and alleviate the pain points, both at a micro (householder) and macro (real estate sector) level, 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.
Today, almost five years after its introduction, we find it important to assess its impact and evaluate whether the motives of its implementation have been preserved. In this report, we assess the execution of RERA across key dimensions- transparency, accountability, customer empowerment, grievance redressal, and overall confidence in the sector- and suggest potential solutions to improve its implementation and further amplify its impact.
You can either read the report and it's suggestions below or download the report as a PDF here.