The Real Estate (Regulation and Development) Act of 2016 created state-level regulatory authorities requiring developers to register projects, disclose plans and timelines, and hold buyer funds in escrow against diversion. It was a response to chronic delays, mis-selling and stalled projects in the booming private housing market. By imposing transparency and accountability on developers it sought to protect buyers and discipline a speculative real-estate sector. Implementation has varied widely across states.
It brought statutory regulation and consumer protection to India's private real-estate market for the first time.
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