Abstract

The Indian home buyer had a tough time realizing his dream of owning a home, thanks for the complex nature of the transactions between the buyer and the developer. Most of the home buyerswere taken for ride by unscrupulous developers who not only delayed construction for years, but also flouted various rules, leaving the buyer high and dry. The much awaited Real Estate Act, 2016 was introduced with an objective to curb the unethical and illegal practices in the sector and to protect the interests of the home buyers. The case provides for discussion on the legal alternatives which were available to the home buyer prior to the Real Estate Act, 2016, and how the new Act brings both the buyer and the developer onto an equal platform.

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• Rights and obligations of buyers and developers in the real estate sector
• Need for introduction of Real Estate Act, 2016
• Real Estate Act, 2016
• and safe gaurding the interests of the buyers
• Real Estate Act, 2016

Keywords

Real Estate Bill, 2016, Demand for Urban Housing, Cost escalations in construction projects, Delays in completion of projects, Legal Challenges, Consumer Protection Act, 1986, Competition Act, 2002, Redressal Mechanism, Grievances