This is how RERA is going to change the face of the real estate sector of India

The canvas of the real estate industry is all set to go through a massive change in the coming few years.  A slew of government-backed reformed measures will change the face of the million dollar real estate industry of the country, believe the market pundits. Real Estate (Regulation and Development) Act 2016 is one such measure which is aimed at changing the entire demography of the real estate industry of the country.

States such as Gujarat, Uttar Pradesh, Madhya Pradesh and Odisha have already rolled out a red carpet to welcome this new act. Few other states like Rajasthan, Karnataka, West Bengal, Maharashtra and Tamil Nadu have already framed their draft rules.

The slow implementation of RERA in some states of India will create a massive vacuum in the fast growing real estate sector of India, alert experts. The RERA act promises Acche Din for the existing buyers of commercial and residential properties.

The Act passed by parliament in 2016 is supposed to be implemented by all states by May 1, 2017, and all ongoing and under-construction projects are supposed to come under the regulator's ambit, says a market observer.