Critical review and analysis of Gujrera act [2016] and its implication and satisfaction level on the stakeholders of the Project: A Review

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Critical review and analysis of Gujrera act [2016] and its implication
and satisfaction level on the stakeholders of the Project: A Review
Yogesh C. Suthar1, Prof. A. N. Bhavsar2, Dr. J. R. Pitroda3
1M. Tech. (Civil) Construction Engineering and Management, BVM Engineering College,
Vallabh Vidyanagar-388120, Gujarat
2Associate Professor, Civil Engineering Department, BVM Engineering College,
Vallabh Vidyanagar-388120, Gujarat
3Associate Professor, PG Coordinator Construction Engineering and Management, Civil Engineering Department,
BVM Engineering College, Vallabh Vidyanagar-388120, Gujarat
---------------------------------------------------------------------***---------------------------------------------------------------------
Abstract - The Real Estate RegulationandDevelopment Act
of 2016, passed by the Indian Parliament, intend to protect
property purchasers while simultaneously promoting real
estate investment development. Both the Rajya Sabha and the
Lok Sabha passed the bill in March 2016. On May 1, 2016, the
Act will have been in operation for five years. The remaining
clauses went into effect on May 1, 2017. The objectives of this
act are to ensure transparency and efficiency intherealestate
sector when it comes to the sale of a plot, apartment, building,
or real estate project, to protect the interests of real estate
consumers, to establish an adjudicating mechanism for quick
dispute resolution, and to establish an Appellate Tribunal to
hear appeals from the Real Estate Regulatory Authority's
decisions, directions, or orders. Before RERA there was little
clarity on the carpet area and builders had a monopoly on
loading, prices, and payment ways. Frauds, ahazyimageof the
enterprise, possession, and punishments were all present. A
study was conducted to determine the immediate impact of
this act on the Developers and the consumer.
Key Words: Buyer, Developers, Gujrera, Real estate,
RERA
1. INTRODUCTION
Currently, the real estate sector provides 7% of GDP. By
2025, it is expected to increase to 13%. By 2022, the
industry is expected to employ 67 million people, making it
the second-largest employer after agriculture.[1]Asa result,
real estate is anticipated to be a key contribution to the
country's economic growth. The road to a $5 trillion
economy is long and winding. While the industry has
developed rapidly in recent years, it has remained mostly
unregulated, with a lack of expertise and standards, as well
as inadequate consumer protection. The Consumer
Protection Act of 1986 is merely a band-aid solution that
does not meet all of the concerns of purchasers and
promoters. As a result, several fora have underlined the
importance of regulating the industry. On March 26, 2016,
the Real Estate Regulation and Development Act were
notified, requiring each state to create a Real Estate
Regulatory Authority to regulateandpromotethereal estate
market. To defend the interests of consumers in the real
estate industry, the RERA authorities wereanticipatedtoset
up a quick dispute resolution process. Gujaratwasoneofthe
first states to implement RERA, with the publication of
Authority Rules in October 2016 and General Rules in May
2017. It was established in May 2017 with the goal of
regulating and promoting the real estatebusinessinGujarat.
1.1 Status of RERA in India
RERAs in several stateshaveregistered53,141projectsin
a short period of time. Simultaneously, 41,041 agents have
been registered, with 48,450 complaints resolved. The
specifics of all the projects thathavebeenregisteredinastate
may be seen on the RERA website for that state.
Prior to the commencementofCOVID-19,Indiawasoneof
the fastest rising economies in the world, with a $3 trillion
GDP. To a considerable extent, India's economic opportunity
is still concentrated in metropolitan regions. By 2050, the
urban population is expected to have increased to moreover
50%, up from 31% in 2011. By 2030, the real estate sector is
expected to be worth $1 trillion, up from $ 120 billion in
2017. In light of these staggering proportions RERA is
anticipated to play a crucial role in the future scenario,
ensuring openness and fairness in the industry.[2]
1.2 Overview of Indian Real Estate Sector
The real estate industry is one of the most well-known
industries in the world. Housing, retail, hospitality, and
business are the four subsectors. It is a natural part of the
building sector and has enormous potential in the United
States. Across terms of direct, indirect, and induced impacts
in all sectors of the economy, the construction sector ranks
third among the 14 key industries. And, if the real estate
industry is properly tapped, it is expected to create
significant economic prospects.
According to the Ministry of Housing and Urban Poverty
Alleviation's (MHUPA) Technical Group's projections a

minimum of 30 million new dwellings would be needed by
2021 with 96 percent of the demand for affordable housing.
According to the data there is now a large disparity between
demand and availability for this sort of housing in
metropolitan India.[3] The Indian government's much-
needed initiative the government's "HousingforAll" aimhas
resulted in a paradigm shift bringing the mid-income and
affordable housing sectors to the foreground as one of the
most pressing issues the real estate sector's fastest-growing
components More people are likely to be drawn to this field.
In both the short and long term, non-resident Indian (NRI)
investments are beneficial. According to recent polls, the
most popular property investment destinations forNRIsare
Ahmadabad and Bangalore.
The introduction of the Real Estate Regulation and
Development Act, as well as regulatory changes and the
resulting increased responsibility and consolidation, has
aided in the growth of transparencyandconfidencebetween
builders and purchasers.[4] The real estate market has
progressed from a brick and mortar store to a service based
product. In the next days, the rise of Customer demands, as
well as technology advancementsareanticipatedtodrivethe
industry changes and a favorable policy climate that will
allow it to thrive in the future years.
Corona has stifled the real estate market, just as it has
other sectors of the economy. All oftheinterestedparties are
on high alert and fighting a war of life vs. livelihood.[2]
Despite the fact that they have shown incredible resilience
and adaptation the creators and the customers. People have
been compelled to refocus as a result of the crisis re-direct
their ideas, actions, and resources the industry will need to
readjust their priorities. Prepare for fresh parts of the
market by using a business continuity strategy with tighter
financial discipline. Development such as in expensive
housing and components that make it easier to work from
home. Decentralization, diversification, and consolidation
will have to be prioritized.[2]
1.3 Need of the Study
1. With the implementation of RERA, the real estate
industry would undergo significant changes. Real-
estate developers will no longer be able to invest
the proceeds from one project into another, which
was the primary cause of project delays.
2. Many points in RERA will have an influence on real
estate developers, either directly or indirectly, thus
understanding the impact of these points on
projects is critical.
3. The RERA Act's complexity and lack of government
assistance, as well as adequate online web portal
and community awareness, have a significant
influence.
4. Because the act just went into effect, now is the
greatest moment to get the perspectives and
opinions of many stakeholders in the real estate
business, as well as investigate the impact of RERA
on real estate developers.
1.4 Objective of the Study
The primary goal of this study is to look at the major
variables impacting real estate developers following the
adoption of RERA. These criteria are important for
construction professionals to understand in order to
complete the project on time and on budget. As a result, the
study's primary purpose is to give crucial information.
Educating construction experts about variables impacting
important stakeholders in the real estate business to ensure
that the project's success other people might benefit from
this research. Researchers as a source of information for
future study on the impact of RERA on the real estate
industry market. The research's key objectives are listed
below.
Following are the main objectives of the study work.
1. To identify the most critical review and analysis of
Gujrera act [2016] on real estate projects.
2. To study of the implication and in satisfaction level
of stakeholders on the project.
3. This study mainly aims to investigate important
factors affecting Real Estate developers after the
implementation of RERA.
4. To find the different problems faced by key players
after the implementation of RERA.
1.5 Scenario Before Legalization of RERA
1. In the real estate industry, there were no set norms
and standards for developers to manage their cash
flow for a particular project.
2. Prior to the implementation of RERA, practically all
real estate developers would invest the proceeds
from one project into another in order to improve
their turnover by affecting the lives of current
projects.
3. The built-up space's carpet and loadings were
unclear. Each function Object has its own set of
computations to do.
4. There was a monopoly of sorts among builders in
terms of locations, pricing, and payment methods.
5. There was no clear image of the project, possession,
sanctions, legality, or pricing, resulting in client
fraud and uncertainty.

1.6 Scenario After Legalization of RERA
1. To avoid penalties, developers will have to
assure compliance when RERAisimplemented.
2. The Act stipulates both a monetarypunishment
and a period of imprisonment.
3. Developers must have reliable credentials in
order to start a project, which will be examined
during the project's registration with the state
authorities.
2. LITERATURE REVIEW
Multiple experts’ analyses and the outcomes of independent
study papers are included in the assessment text. The PhD
thesis, reviews, and books that were investigated were
published in various national and international publications,
and their principal conclusions are discussed and presented
at the end of this article. This enhances topic knowledge and
provides substantial grounding in the proper flow of work.
Dixon et al. (2005) Purpose of this article aims to critically
evaluate the conceptual frameworks for analyzing the
influence of information and communications technology
(ICT) on real estate. Design/methodology/approach the
study is based on a thorough examination of the literature
and depends on past empirical researchinthetopic.Findings
According to the report, a "socio-technical framework" is
more suited than other "deterministic" frameworks for
examining ICT influence on real estate. As a result, ICT is a
significant aspect of the new economy, but it must be seen in
the context of a variety of other social and economic
variables.[5]
Karnawat et al. (2008) investigated the developer is now
the mostprominentcasualtyofRERA'simplementationinthe
real estatesector. There willbe nounaccountedtransactions.
The real estatemarket has gotten increasinglycompetitivein
recent years. The value of Indian real estate is likely to grow
in the coming years. The Indian real estate market is
progressing toward international norms and practices. Only
the building costs, such as material and labour costs,
determine the cost of a property in ready-to-move-in
developments. Other indirect taxes are not applicable,
however new taxes are applied for new projects. [6]
Sengupta et al. (2013) this study looks at the meaning of
this aphorism. It claims that the terms "affordability" and
"housing design" have several meanings and identities.
Transplanting standard home design across the board
implies a relativelybasicconfluenceofobjectivesandpolicies
capable of yielding a variety of alternative scenarios, someof
which may or may not correspond with the goal of
"affordable housing for all."[7]
Takahashi et al. (2015) in China, there are two types of
asset bubbles, which are generated by these two assets: real
estate and financial assets. The majority of analyses on
China's economy predict that the Chinese bubble will burst
shortly. The majority of this research, on the other hand,
presents ambiguous reasoning. Furthermore, they place a
strong emphasis on the bubble as the cause of the expected
collapse. This article looked at twotypesofassetbubblesthat
are forming in China, utilizing data acquired from real estate
developers, non-banking enterprises, traditionalbanks,local
governments, and various home building sites in three
Chinese cities, as well as literature reviews and this field
work-based study indicates that China's bubble economy
would not quickly burst.[8]
Kapoor et al. (2017) the author researched the 2016 Real
Estate Act, which promotes responsibility and transparency,
and builders must comply to avoid penalties. The Act
specifies a monetary penalty as well as a period of
imprisonment. Builders must have solid credentials in order
to start a project, which will be examined duringtheproject's
registration with the state authorities. Registration requires
the submission of clearances,annual reports, balancesheets,
cash flow statements, and auditor's reports. The formal title
deed and ownership documentation are also necessary. To
enhance transparency, the carpet area must be defined, and
the project must be finished on schedule, otherwise
purchasers would be obliged to pay an interest rate
equivalent to the State Bank of India's highest marginal cost
of lending rate plus 2%, within a certain time frame on 45
days of it being due. [9]
Jounrnal et al. (2017) the Real Estate Regulation and
Development Act of 2016 RERA emphasize accountability
and openness, and builders must comply in order to avoid
penalties. The Act stipulates both a monetary punishment
and a period of imprisonment. To begin a project, builders
must have reliable credentials, which will be checked during
the project's registration with the state authorities.
Clearances, annual reports, balance sheets, cash flow
statements, and auditor's reports must all be supplied upon
registration. Also required are the legal title deed and
ownership paperwork.[10]
Khandar et al. (2018) according to this article, previous to
RERA, there was little clarityon carpetarea,andbuildershad
a monopoly on loading, pricing, and payment methods.
Frauds were committed, there was no clear image of the
project, possession was taken, and punishments were
imposed. The influence of this act on the builders and
customers has been investigated. The study's scope was
restricted to the Pune metropolitan area. Concluded that the
Maha-RERA Act 2016 is widely approved by both sellers and
buyers, and it is believed that if the Act is strengthened, it
would have a beneficial influence in the future. [11]

Pednekar et al. (2018) authors studied about the Real
Estate Regulation and Development Act, 2016 is a landmark
law enacted by the Indian government to bring transparency
and good governance to the real estate sector, whichisoneof
the most promising sectors of the Indian economy. The
RERA's main features are that all projects larger than a
certain size of 500 m2 or eightapartmentsmustberegistered
with the Real Estate Regulatory Authority. Consumers must
be informed of all project approvals, project plans and
layouts, property titling, and project completion timelines.
Seventy percent of the money collectedfromcustomersmust
be put in a special account designated to the project, from
which funds must be withdrawn according to the project's
expenses. Last but not least, becausethediversionoffinances
was a major role in the project's delay, this is a crucial
requirement. [12]
Kadam et al. (2018) the housing sector is a major
contributor to the economy and job generation in the
country. Surprisingly, despite its importancetotheeconomy,
the real estate industry has mostly remained uncontrolled.
The real estate sector is governed and regulated to a degree
by local governments, with each state having its own set of
laws and regulations for real estate development. Taking
advantage of the country's terrible legal system, developers
have duped property buyers, putting the real estate industry
at the bottom of the consumer protection and satisfaction
pyramid.[13]
Merchant et al. (2018) this paper is to examine the Rules
issued by Indian states to implement the Real Estate
Regulation and DevelopmentAct 2016, which was passedby
Parliament. The law was enactedtosafeguardtheinterestsof
consumers. Many states, however, have modified the law's
requirements and notified the Rules.[14]
Aggarwal et al. (2019) in his article, he attempted to
highlight the issues that emerging and less growing nations
will face in the real estate market in the future. They
emphasize the lack of resources, which will be big issues in
the real estate industry. Author also made a point about the
bad impact on the environment. [15]
Rodgi et al. (2019) despite the fact that the legislation is
relatively new; it is readily accepted by both sellers and
consumers.As the legislationbecomesmorecomplete,avery
good influence is envisaged in the future. The process of
amending the bill is still ongoing. It is yet too early to assess
the impact of this legislation on both sides. The RERA Act's
success is dependent on the use of a single window system.
The Indian real estate market has seen several good and
potentially long-term changes in the recent year. [16]
Shashikant shinde et al. (2019) Based on this case study, it
can be concludedthatdemonetization,GST,and,inparticular,
the Maha-RERA Act 2016 had a short-term influence on real
estate projects. The result was a financial loss of around 5%
and a five-month delay in the project. [17]
Anitha et al. (2019) the real estate business in India is a
capitaland manpower-intensive industry that accountsfor5
to 6% of the country's GDP. In the recent past, it has been
altering to become more structured. In India, there has been
fierce rivalry among real estatefirms, and growinginventory
levels have been a source ofworry. The demand forhomesin
the inexpensive category, on the other hand, has increased.
Customers have applauded the government's efforts to
regulate the real estate market, since this would eliminate
project delays and uncertainty in the industry. Privateequity
companies' interest in the Indian real estate market has
increased, as seen by recent financial infusions and
investments.[18]
Patil et al. (2019) The Real Estate Sector had grown
enormously in terms of transaction volume and contribution
to the country's total GDP. The fragmented industry has
recently been in the spotlight for all the wrong reasons,
further damaging its reputation. This is owing to non-
standardized and unregulated activities. A supervisory body
was desperately needed to monitor the sector's functioning.
The RERA Act has the potential to alter the whole real estate
landscape and reshape the way real estate sales are
conducted in the country.[19]
Singh thakur et al. (2020) at a threshold of significance of
5%, the null hypothesis fails to reject, indicating that RERA
has no substantial beneficial influence on real estate
developer income. In the near term, the disruption produced
by the introduction of regulation in the real estate business
has had no substantial impact on the income of Indian real
estate developers. Using the same methods, the impact of
RERA on various financial indicators may be assessed. Once
enough time has passed since RERA's introduction, the
medium/long term impact of RERA may be assessed. [20]
Tupsakhare et al. (2020) authorresearchedandlookedata
few in order to shed further light on the RERA data. Before
2016, the average time it took to finish up to the first floor of
a building launch was 21 months, according to the paper
titled 'RERA Induces Faster Construction and Economic
Growth. [21]
Patel et al. (2020) the real estate business is both the most
capital-intensive and the most volatile. Any change in
government policy has a good or negative impact on the
sector or in a bad way. Taking into account the increasing
expansion of with the countries growing urbanization, it's
become more important than ever to maintain a healthy
environment look into the business. The industry should
benefit all of its stakeholders not just the developer, but all
stakeholders. Real estate is a booming business. If the
developer was working in a more dangerous method was
unable to keep their claims of quality and timely delivery the

undertaking as a result, the client used to have a lot of
issues.[22]
Sciences pune et.al. (2020) Studied there are two sorts of
unsold housing units available in each residential
development project: finished ready tomoveinflatsandflats
that are still under construction not completed. Unsold
housing units in residentialdevelopmentprojectsareamajor
factor impacting India's real estate market's growth and
advancement nowadays. The purpose of this research is to
investigate the reasons of unsold housing flats in residential
construction projectsand to provide techniquesforreducing
the stock of unsold housing units. The goal of the study is to
determine the influence of unsold housing units on housing
affordability in the Indian real estate market.[23]
Sulaiman et al. (2020) several publications identified real
estate as one of the important economic sectors affected by
the epidemic. Covid-19. The potential buyer willnolongerbe
able to physically visit the property to experience the real
space as they once did. In thiscase,anadvancedtechnologyis
required to boost the real estate marketing approach.
Currently, 360 photography and virtual tours are the most
effective marketing strategies for sellingahome.Matterport,
one of the internet platforms, is offered as a novel technique.
The research used an archival approach of document
evaluation, as well as topic and content analysis.[24]
Singh Thakur et al.(2021) Studied For the fiscal year 2017-
18, researchers looked at the impact of RERA on the income
of Indian real estate developers. He concentrated on
determining the short-term impact on revenue by gathering
data from the top ten publicly traded corporations based on
market capitalization. He used a one-tailed paired t-test for
his analysis. In this analysis, he discovered that RERA had a
detrimental influence on real estate developers' profit
margins. [25]
3. MAJOR FINDINGS FROM THE LITERATURE
REVIEW
1. Registration requires the submission of clearances,
annualreports,balancesheets,cashflowstatements,
and auditor's reports.[10][11] [17][20] [26] [27]
2. The project will be sold on the carpet area rather
than the super built-up area, and thedeveloperswill
be compelled to pay both interest and penalty if
possession is delayed.[10][28][29]
3. Buyers will be paid with an interest rate equal tothe
StateBank of India'shighestmarginalcostoflending
rate 2% within 45 days of the project becoming due
if it is not completed on time.[10][30]
4. For each project, the promoter must haveaseparate
account in which 70 percent of the monies collected
from the purchasers must be put.[10][30]
5. These monies are only allowed to be used for
building and land costs.[31][32]
6. If a developer sells a project that is not registered,
the developer will be subject to a project penalty of
5% of the entire project cost.[28][30]
4. CONCLUSIONS
Conclusions based on literature reviews:
1. This act is advantageous to builders with a large
budget.
2. It is also advantageous to the middle class. Builders
are required to incorporate technical and
professional staff as a result of this statute.
3. All potential avenues for corruption have been
completely changed. Prior to 2016, the Indian real
estate business operated in a highly haphazard and
disorganized manner.
4. RERA has the potential to clean up this sector and
make it much more structured, allowing it to
become the engine of the Indian economy. With the
government's objective of providing a home to
every Indian by 2022, it was important tointroduce
some discipline into the real estate sector so that it
could assist the government in achieving its goal.
5. Even from the developer's perspective, this step
was important in order for them to complete
projects on time, avoid legal issues, and become
more nimble before releasing initiatives.
6. The null hypothesis fails to reject at a 5% level of
significance, indicatingthat RERAhasnosubstantial
beneficial influence on real estate developer
income.
7. In the near term, the disruption produced by the
introduction of regulation in the real estate market
has had a little impact on the income of Indian real
estate developers. Using the same methods, the
impact of RERA on various financial indicators may
be assessed.
8. Also, once enough time has passed since RERA's
introduction, the medium and long term impact of
RERA may be assessed.
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