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The Importance of Law in the Real Estate Market

Rera India is a Government body whose main work is to safeguard the buyer’s interest and lay a path. Real Estate Regulatory Act has come up with new strategies by the help of which defaulters can be quickly brought to justice.

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The Importance of Law in the Real Estate Market

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  1. The Importance of Law in the Real Estate Market There exists particular legislation that is essential to upholding the dynamic and fairness in the trade of real estate. Certain laws exist in the real estate market to make the system more transparent and unambiguous to the buyers and the customers. However, there are particular challenges and hurdles associated with real property law and its implementation. The real estate market deals in the huge amount of money, and hence there should be appropriate legislation to safeguard the interest of the buyers. The RERA India is expected to be a fortune changer for the real estate industry. It can provide more clarity and transparency to the real estate transactions that take place in the country. Rera would increase the quotient of accountability of the developers would be enhanced as the law makes it mandatory for them to produce critical information related to a project that includes layout plan and the present status of the land title. On the flipside, the Real Estate Regulatory Act has come up with new strategies by the help of which defaulters can be quickly brought to justice. There are innumerable cases in which the real estate developer has duped the buyer of his or her money. This act has hence formulated effective strategies. Furthermore, this act has laid down several rules for real estate selling and buying. For instance, this act has made it compulsory to register real estate project with several appointed tribunals. Moreover, the projects that are non-registered cannot be sold or booked by developers and investors. The real estate market of India is witnessing a huge growth in terms of architecture. Hence, it is important that there is proper transparency in the market as this would bring the defaulters to the hook. The role of law in ensuring transparency is a good step in safeguarding the interests of buyers. The existence of law would ensure that there are proper transparent transactions which would make the customer delighted at the time of purchase. The implementation of these statutes would also ensure that the real estate sector stays away from scandals.

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