Effect of Real Estate Regulatory Act (RERA) on Monitoring of Real Estate Projects
Introduction: Real estate is a very important business and was totally unorganized before 2017 i.e. before enforcement of RERA. RERA regulates Real estate, so Realtors need to follow the rules of RERA. The Authority is involved in every stage of real estate project from registration with RERA to completion of project. Different professionals like Architects, Engineers, Lawyers, and Chartered Accountants are compulsory to be involved in the entire process which has implication on financial impact of the real estate project. To declare Project End date is mandatory at the time of project registration with RERA. It is also mandatory to provide execution progress every three months to RERA which required close monitoring during execution but there is no study that how much is the effect of RERA on monitoring of real estate projects.
