The real estate industry was previously plagued by antiquated methods and partisan legislation, the Real Estate (Regulation and Development) Act, 2016 (the “RER Act”) is a breakthrough in the regulation and promotion of the real estate sector and has brought in accountability, transparency, and organization. Homebuyers now feel more confident because of regulatory requirements such as requiring the deposit of customer collections into a separate RERA account, limiting the use of collected funds to a particular project, and holding the promoter responsible for their promises.

However, this has also resulted in enhanced compliance obligations for developers and the industry is reeling under the implementation challenges of the Act. Further, although the RER Act is a central legislation, each state in India has its own rules and regulations governing the implementation of RERA.

On a real estate project, we at Lex Excel offer advice to promoters, investors, retail lenders, and purchasers. Because we have offices around the state, we have an advantage in knowing the laws and policies that are relevant there. Our affiliation with several chambers of commerce, industry associations, and consumer welfare groups has aided us in comprehending the difficulties encountered by the real estate sector, enabling us to provide our customers with counsel that is solution-focused.