The Real Estate Regulation Act (RERA) was touted as a game changer law, one that would bring transparency to a sector that has been opaque for as long as one can remember, an industry that has worked under zero regulation where buyers were always at the mercy of the developers.
RERA came into force on May 1 2017 and July 31 2017 was the last date for developers to register projects. The real story is something else - most states have diluted norms, many states don't even have a proper website in place for registration and complaints and to top that some states haven't even bothered to set up a regulator or notify final rules.
So, where does this apathy leave millions of home buyers who have put in all their savings in the hope of getting a house to live in? Also what does this mean for developers who are taking a hard knock in an already tough market? To answer these questions, CNBC-TV18's Manisha Natarajan caught up with Sunil Tyagi, Senior Partner, Zeus Capital, Getambar Anand, CMD, ATS Infrastructure, Sudip Mullick, Partner, Khaitan & Co, Abhay Upadhyay, Convenor, Fight for RERA, Malayappan Murali, MD, Shriram Properties and Milind Deshpande, Head, RERA Committee, MBVA.