The recent implementation of the Real Estate Regulation and Development Act (RERA) will change the paradigm for consumers in the real estate sector ushering in transparency and standardization in the real estate sector. RERA seeks to address and resolve major consumer related issues while acquiring property in India like delays, price, quality of construction, title and other changes. While the regulator aims to bring consumers interest in the forefront, the protection of the same property against unforeseen risk, probability of which is starkly high in our country, does not feature in the realm.
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