Real Estate Act, 2016- Protecting the Interests of Home Buyers?

In response to the growing demand, a number of real estate projects and ventures were promoted by the real estate developers. Most of the real estate sector businesses were local businesses; many people approached a local builder (or) traditional builder for the construction of a house (or) for any other construction work. With an increase in the demand and scope for business opportunities in the real estate sector, corporate real estate developers too entered the real estate segment (Refer to Exhibit-III for the Structure of Indian Real Estate Sector).

Their projects were marketed in a highly attractive and colorful way, convincing a large number of people to invest in them across different regions in the country. However, the desire of the buyer to own a dream home was not really fulfilled. In a majority of the cases, the developers failed to deliver the homes on time. As a result, the buyers not only failed to fulfill their desires, but they also faced a financial burden..