Slow and unsteady

Lax execution of a new realty law is hurting the sector

On May 1, a new piece of legislation governing the real estate sector came into force. The Real Estate (Regulation and Development) Act, 2016, was drafted and passed amid great expectations; it was hoped that it would tilt the balance of power in the sector back towards purchasers of homes, and aid in the government’s efforts to clean up the sector. This might still happen. However, more than two months after the passage of the law, there are concerns that its slow and faulty implementation may cause a sustained slowdown in the construction and housing sector. The law is supposed