SC remarks may help strengthen Rera, real estate industry

The Supreme Court’s (SC’s) recent remarks on the Real Estate Regulatory Authority (Rera) are expected to impact the real estate sector by shifting the focus from the strength of the law to the seriousness of its enforcement, experts say.

- PRACHI PISAL & ANEEKA CHATTERJEE

The apex court, on Thursday, sharply criticised the functioning of Reras across several states, stating that they appeared to be doing little “except facilitating builders in default” and suggesting that it was perhaps “better to just abolish this institution”. The remarks are likely to push regulators toward stricter oversight, faster adjudication and more uniform application of rules, thereby raising compliance standards across the board. In the near term, this could increase pressure on smaller or non-compliant developers, while benefiting well-capitalised and governance-focused players.