Summer Internship Report on IMPACTS OF RERA ON REAL

ESTATE MARKET IN GURUGRAM

MSSI 600

MEHAK CHUTANI

BBA-REUI

Enrolment Number: A13558819014

Section: A

2019-2022

School of Construction
RICS SBE
Amity University, Noida

April-June 2020
 DECLARATION

I, Mehak Chutani hereby declare that the Summer Internship Project Report entitled
“Impacts of RERA on real estate market in Gurugram” is an authentic
documentation of my own work conceded out as a requirement of “Summer
Internship” report for the grant of the degree of BBA Real Estate and Urban
Infrastructure from RICS School of Built Environment, Amity University, Noida
Sector-125.

I further declare that the work reported in this project has not been
submitted and will not be submitted, either in part or in full, for the award of any
other degree or diploma in this institute or any other institute or university.

Date: 01-06-2020
Mehak Chutani
BBA REUI Batch 2019-22
Enrollment No. A13558819014

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 Faculty Guide Approval Page

This is to certify that Mehak Chutani has completed Industry Training of 8 weeks at
(name of the organisation) at Gurugram under my guidance.

___________________

Faculty Guide Signature

(Reema Bali)

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 Industry Guide Page

This is to intimate that Mehak Chutani is assigned an industry guide Mr. Akshay
Bhatia with designation Assistant Manager to do Industry Training of 8 weeks under
my guidance in Central Park at Gurugram.

__________________
Industry Guide Signature

(Akshay Bhatia)

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 ACKNOWLEDGEMENT

I would like to express my deep gratitude to Royal Institute of Chartered Surveyors

(RICS), Amity University, Noida for giving me this opportunity of learning so much
about RERA and its impacts on the Real Estate market in Gurugram. Also, I would
want to show my gratitude to my mentor, Mrs. Reema Bali for guiding me
throughout the project and supporting me whenever required. Last, I would want to
give a vote of thanks to my industry guide, Mr. Akshay Bhatia for helping me
throughout the project, assisting me and also helping me with good content and
ideas for the completion of the project.

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 TABLE OF CONTENTS

Contents
01.Abstract………………………………………….................................................................................1
02. Introduction ..................................................................................................................... 2

Before RERA........................................................................................................................... 3

Need for RERA ....................................................................................................................... 3

Salient features...................................................................................................................... 4

Haryana RERA (HRERA).............................................................................................................. 5

Impact of RERA on real estate market in Gurugram ................................................................. 5

Impact of RERA on New projects........................................................................................... 5

Impact of RERA on existing projects...................................................................................... 6

Impact of RERA on Entire industry ........................................................................................ 6

Impact of RERA on developers .............................................................................................. 7

Impact of RERA on consumers .............................................................................................. 7

Impact of RERA on Agents/ Brokers ...................................................................................... 7

Benefits of RERA .................................................................................................................... 8

For industry ....................................................................................................................... 8

For developers ................................................................................................................... 8

For buyers .......................................................................................................................... 8

For agents .......................................................................................................................... 9

Summary............................................................................................................................ 9

Drawbacks of RERA.............................................................................................................. 10

For industry ..................................................................................................................... 10

For Developers ................................................................................................................ 10

For buyers ........................................................................................................................ 11

For agents ........................................................................................................................ 11

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 Summary.......................................................................................................................... 12

Examples.................................................................................................................................. 13

Projects not registered with RERA .......................................................................................... 13

Projects Registered with RERA ................................................................................................ 14

03. Objectives……………………………………….....................................................................16

04. Literature Review………………………………………………………………………………................17

05. Methodology adopted...........................................................................................18
06. Conclusion & Recommendations……………………………………………………………………….19
07. References………………………………………………………………………………………………………..20
08. Industry Guide Remarks…………………………………………………………………………………….21

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 LIST OF FIGURES
01. Figure 1 ……..………………...........................................................................................2

02. Figure 2 ……..………………...........................................................................................3

03. Figure 3 ……..………………...........................................................................................4

04. Figure 4 ………………………………………………………………………………………………………………5

05. Figure 5 ………………………………………………………………………………………………………………6

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INTERNSHIP COMPLETION CERTIFICATE:

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01. Abstract:
The project gives a brief insight into the Real Estate Regulations and Development Act,
2016. It talks about various things in regard of the act like its aims, objectives, needs and
most importantly its features, they tell us about its nature and why it was the need of the
hour to enact this act. Further, delving into the topic we studied a bit about Haryana’s RERA
and how it began. Then we also studied the impact of RERA on various segments in the real
estate sector like the buyers, sellers, brokers etc. after knowing the impacts we did a detail
study about benefits and drawbacks of the act. As we move further, we have some
examples that talk about some projects before and some projects after RERA.

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02. Introduction
(indiacode, 2016)

RERA stands for The Real Estate (Regulations and development) Act. This act was first introduced by
the Government in the year 2013, it then came into force in the year 2016. The bill was passed in
Rajya Sabha on 10th march 2016, which further came into force from 1st may 2016. However, at this
time, all the sections were not enacted, it fully came into action from 1st may 2017. This act was
passed by the Central Government, but the rules can be modified by each state or union territory on
similar lines. The deadline for enforcement was 1st may 2017, which further extended to 31st July
2017.

Real estate acts as a catalyst that fulfils the demand for housing and infrastructure.

The main aims/ objectives of the project are:

1. To facilitate the buying and selling process of real estate.

2. To ensure transparency in the system.
3. To help resolve the disputes that occur in the real estate sector.
4. To ensure uniformity in the sector and regulation as a whole.
5. To protect the rights and interests of the consumers.
6. To ensure that standard practices prevail in the system.

RERA, 2016 attempts to:

1. Impose responsibilities on both producers and consumers while balancing their interest.
2. Impose contractual conditions in transparency.
3. Set standards for accountability.
4. Resolve disputes speedily.
5. Provide both producer and consumer with equal information.

Figure 1: https://i.ytimg.com/vi/DU8_yqxJitg/maxresdefault.jpg

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Before RERA
Real estate sector had a significant growth rate but was not regulated. There were:

1. No set standards and guidelines.

2. No professionalism in the sector.
3. No protection for the consumers or allottees.
4. No regulators for the sector.

Though The Consumer Protection Act,1986 was in force but it was not exhaustive. It did not deal
with all the concerns related to the promoters that buyers had to deal with.

Therefore, The Real Estate Regulations and Development Act was necessary. It had been put forth
many times since the past decade.

Need for RERA

RERA, 2016 came into effect to curb various problems in the economy. These were:

1. Recession
2. Unemployment
3. Piled up inventory
4. Unclear arbitration and taxes
5. Less rentals

Figure 2: https://www.99acres.com/microsite/articles/files/2018/05/Maharashtra-rera-number-
of-registered-projects1.png

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Salient features
1. To form an authority to regulate and promote the sector.
2. Ensure all business transactions take place transparently and efficiently
3. Protection of consumers interest in the sector.
4. Speedy redressal of disputes through an adjudicating mechanism and hearing appeals from
directors or orders of RERA from the Appellate Tribunal.
5. To regulate real estate transactions among buyers and sellers.
6. To regulate real estate even at state level under RERA
7. Take almost all real estate projects into account, except some.
8. Ensures registering the projects before sale. Also, it is important for real estate agents to be
registered.
9. All important details like the layout and site plan and completion schedule including other
details must be uploaded for registration.
10. The money received from buyers should be used for construction of that particular project
only by maintaining an escrow account, the amount can be further altered by the state
government.
11. In case of default, strict penalty or even imprisonment can be imposed on the promoter.
12. Client has the right of legal representation by Chartered accountants, Cost Management
accountants, Company Secretaries or lawyers.

Figure 3: https://content.magicbricks.com/images/uploads/2017/7/RERA.png

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Haryana RERA (HRERA)
(haryanarera.gov, n.d.)

The RERA was enacted in Haryana from 28.07.17. It comes under the central RERA which was passed
on 1 may 2016. This is an act established to regulate real estate authority and promote the sector
entirely. The main purpose is the sale of property in a transparent and efficient manner while
protecting the interest of the consumers, it sets up a mechanism to resolve disputes quickly. It also
sets an Appellate Tribunal for addressing appeals of people.

Figure 4: https://assets-news.housing.com/news/wp-
content/uploads/2020/03/02185237/Everything-you-need-to-know-about-Haryana-RERA-
image-01-741x400.png

Impact of RERA on real estate market in Gurugram

(Chetty, 2017)

Impact of RERA on New projects

Any project in Gurugram whose development has not begun is a new project. For any such project,
registration needs to be done at every stage with the HARERA tribunal or INTERIM RERA tribunal
separately. Pre-launch of a project is not allowed, which served as a major source for capital funding.
Thus, results in the developers Gurugram to borrow capital funds whose burden is ultimately borne
by buyers. Any project cannot be advertised before registration. This act focuses on two issues that
buyers face, they are:

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 1. construction quality
2. on time delivery

In case of default, the promoter has to undergo punishment and penalties the details of which are
specified at the time of formation of the contract/ agreement among the buyer and the seller.

Impact of RERA on existing projects

The ongoing projects in Gurugram faced difficulties as they had to first register themselves with the
Haryana real estate regulatory authority, all the legal proceedings lead to delay in completion of the
project, thereby leading to delay in delivery. All those projects whose construction begun before the
act but completion certificate had not been issued come under this category. Other concerns that
developers faced were:

• Ban on advertisement and promotion

• Unclear and new rules were set up

Figure 5:
https://www.acmehousing.com/acme_adm/img/blog/1655554255_293967030_Optn%201.jpg

Impact of RERA on Entire industry

RERA, 2016 tackles the major issues of the real estate sector, i.e accountability and transparency.
Though initially, the growth of the industry became stagnant for a while, it aims for the sector to
grow in the long run. Besides, there are other issues in Haryana since the buyers have complained on
the HRERA portal that they were being excluded from RERA if they had already moved in the
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property. According to experts, RERA played a pivotal role in bringing in transparency in the sector.
They expressed an optimistic future approach for the industry in regards to the act.

Impact of RERA on developers

The RERA act mandates promoters to register all information with the authorities, failing which they
can be penalised. Also, a quality assurance agreement for five years is made followed by the
formation of the Residential Welfare Association in three months. RERA gives buyers the authority of
claiming refund in case of dissatisfaction or delay by the builder. Due to low liquidity, this might lead
the developer to be affected badly if lot of buyers claim refund.

The new rule also states that property can be sold only stating the carpet area, not the super built up
area. This leads the producers to increase the price of the carpet area to recover the cost of the
super built up area which was charged earlier. Cost is expected to increase for the developers since
sale is not possible without registering the project. Developers in Gurugram reduced launching of
new projects in order to first analyse the impact of RERA and complete existing ones.

Impact of RERA on consumers

Main aim of RERA is to protect the buyer’s interest. As per the norms of RERA it is now mandatory
for the developers to spare all the information on the authorities website, so that buyers can have
complete access to it. Buyers have extended rights to file complaints in case of dissatisfaction, who
are compulsory to be resolved in 120 days. All this is expected to:

1. Increase the confidence of buyers

2. Reduce the unsold property stock

Impact of RERA on Agents/ Brokers

With this act in effect, it has become mandatory for the brokers to register themselves to carry on
transactions. In Gurugram, there have been a number of unregistered brokers who would not be
able to sell properties anymore due to RERA. Also, certain penalties were also imposed on the
agents in case of:

• misleading or misguiding the buyers.

• Builders making default or false promises to buyers.

A fee is supposed to be paid in order to get registered as a broker in Haryana. This leads to a lot of
drawbacks, which might lead to shutting down of their offices.

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Benefits of RERA
(propertyxpo, 2019)

For industry
1. Transparency in operation and governance: All details relating to the projects have to be
shared with the buyers. These include layout plan, execution plan, stages of completion etc.
this ensures transparency in the system.
2. Fast delivery of projects and efficient mechanism: Now since there was a set system for the
functioning and operation of the projects, things could be completed in a timely manner and
best results could be seen.
3. Quality and standardisation: This act is very helpful in ensuring that good quality products
are used by the promoter, also a standard set of rules is followed which ensures just
treatment to all.
4. Greater confidence for investment: As now the real estate sector is backed by set rules and
guidelines, this ensures customer confidence for investing in this sector.
5. Greater source of investment attraction and funding of PE: Investor has more confidence in
making an investment in the real estate sector because it is highly regulated and there is
more safety in investing. It enhances funding of private equity for private promoters.
6. Regulated environment: The environment is highly regulated means that people take
responsibility for their work and grievances are solved quickly.

For developers
1. Best and most common practices followed: There is no haphazard in the manner of
functioning since the most common practices are followed, they help to solve problems in
the best manner.
2. Increase in efficiency: Since now there is no need to look for alternative approaches to solve
a problem, it brings in efficiency of work and better task management.
3. Consolidated sector: Due to the introduction of this act, the real estate sector has become
more powerful and empowered because there is standardisation and efficient management
of all its functions.
4. Corporate branding: RERA has helped this sector achieve better name and made it infamous
in the eyes of the consumers. They prefer investing in the real estate sector now because of
its new provisions.
5. Higher investment: The investment is supposed to increase a lot in the future due to the
regulatory approach of government towards the promoters. This will bring in a lot more
capital in the industry and particularly to various promoters.
6. Organised funding increased: Banks and other Financial institutions are willing to give credit
to developers more because they now have various provisions to guard their money and
interest in this sector. The real estate market has become more organised in general.

For buyers
1. Buyers are significantly protected: The whole purpose of this act is to protect the interest of
the buyers in the real estate sector. The act makes sure that no buyer is exploited by
builders or brokers and looks after their well-being.

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 2. Fast delivery and product quality enhanced: Since now there is a set deadline for the
promoters to deliver the product, barring which they are penalised, they have to make
delivery on time. Also, buyer has the right to reject the product in case of bad quality, this
makes sure that promoters use good quality products.
3. Balanced treatment and agreements: Real estate sector now plays fair as all the information
is given out to the buyers. Everything that is of use to the buyer is revealed, all the
transactions take place under a formal and legal agreement.
4. Transparency- sale based on carpet area: RERA gives a set definition of the carpet area
which is followed for the sale of any project. This helps to ensure transparency in the system
as the same approach is used for calculation of different areas.
5. Transparency on utilisation and safety of money: As buyers are fully aware about the plan
that is being executed, they exactly know where their money is being used. The act makes
sure that buyer’s money is in safe hands and is going to benefit them.

For agents
1. Consolidated sector: The sector is getting stronger with the enactment of The RERA,2016
this is obviously going to benefit all the people working in the sector. It leads to enhanced
earnings due to more work generated.
2. Increased transparency: Since there is transparency among the buyer and seller in terms of
various points associated with the sale. This does not lead to any disputes among them and
the broker is able to function well.
3. Increased efficiency: The set norms and rules make brokers more efficient since they are
aware of the best methods to function. This leads to generation of more output and speedy
functioning.
4. Best practices adopted leading to minimum litigation: Brokers function in the best possible
manner with the help of this act, this reduces the risk of problems to be created among the
buyers and sellers, thereby leading to less number of legal actions against one another.

Summary
Industry Developer Buyer Agents

Transparency in Best and most Buyers are significantly Consolidated sector

operation and common practices protected (due to mandatory
governance followed registration)

Fast delivery of projects Increase in efficiency Fast delivery and Increased

and efficient product quality transparency
mechanism enhanced

Quality and Consolidated sector Balanced treatment Increased efficiency

standardisation and agreements

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Greater confidence for Corporate branding Transparency- sale Best practices adopted
investment based on carpet area leading to minimum
litigation

Greater source of Higher investment Transparency on

investment attraction utilisation and safety of
and funding of PE money

Regulated environment Organised funding

increased

Drawbacks of RERA
(Bakshi, 2017)

For industry
1. Delay in approval: Bureaucratic delays can often be found in any government system, these
delays cause delays in the overall work of any organisation. Due to this reason, real estate
projects take time to be approved.
2. Scope is limited, applies to only new projects: The application of this new act is restricted to
only new projects. Other than that, old projects that were entangled legally and incomplete
do not fall under the purview of RERA,2016
3. Disputes among centre and state in terms of jurisdiction: Before the enactment of this act,
real estate was an affair to be handled by the state list. But after its enactment, it fell under
concurrent list which was to be dealt with by the central government.
4. Stagnant growth process: The act restricts the use of money received by the proposed buyer
to only development of the same project. Due to this rule, there will a hindrance in the cash
flow leading to slow growth of the overall firm.
5. Doesn’t cover rental agreements: Any arrangements or agreements that deal with renting
and leasing are not covered under this act, so no benefits are provided to those users

For Developers
1. Slower approval leads to slow recovery of investment: Developers are not even allowed to
advertise their end products before approval by the government and this whole process
takes time, this ultimately leads to slower recovery of the capital invested in the project.
2. Difficult to adapt to new rules: The RERA,2016 brought in a lot of new rules and regulations
that its various stakeholders are bound to follow, these rules were distinct and it is difficult
for the developers to adapt to these changes.
3. Bureaucratic delays: Delays in the system affect the promoters of the project. The
bureaucrats related to the project may take time to complete all the necessary formalities
which have been engulfed in the system.

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 4. Harsh penalties on default: The RERA,2016 has a set of stringent rules that need to be
followed by the developer, if the developer makes any mistakes or defaults in the process,
he has to deal with heavy penalties.
5. Pre-launch of projects is not allowed, major source of raising capital: Before this act,
developers could pre- launch the projects and sell most of them before even the completion
of the project. But ever since this act has come into existence builders cannot launch the
project before its registration is completed.

For buyers
1. Lengthy and steady procedure: The act follows a set of guidelines for the sale and purchase
of the projects, these processes are often lengthy and take place slowly and steadily for
which the buyers have to wait for quite some time.
2. Not compulsory for small projects (upto 1000 sq m): This act is particularly designed for
protection of buyers but it cannot protect all the buyers as it is restricted to only those
projects that cover more than 1000 sq m of area.
3. Affects timely delivery of product: Promoters have to undergo a substantial number of tasks
and procedures to get their projects registered which ends up taking a lot of time, this may
hamper the delivery of the project.
4. Increased property prices: There are two reasons for increase in the prices of the property:
i. Fees needs to be paid to bureaucrats and other people associated with registration
of the project.
ii. The size of project is now taken into consideration as per the carpet area rather than
the super built up area, so in order to compensate the capital invested in other
areas, promoters have increased the per sq ft pricing of the project.
5. Burden on consumers because of loans taken by promoters: Since now promoters are not
able to use the funds received by the buyers on any other project, they tend to take loans,
the ultimate burden of which is born by the buyers.

For agents
1. Delay in receiving commission: Brokers do not receive commission until the final sale is
executed, after the introduction of RERA, sale has become even more lengthy a process
which is the reason that they receive commission late.
2. No project can be released without clearance: Many properties are in dispute due to some
or the other reason, after the implementation of this act no property in dispute can be
traded which causes loss to the brokers.
3. Lots of formalities, more work: Under this act, a lot of formalities need to be taken care of,
this gets the brokers to do much more work and increases their burden.
4. Imbalance in demand and supply: As there will be no pre-sale by the promoters, there will
be a lack of supply in the market whereas the demand will remain the same. This will cause
deficient supply in the economy.
5. Unstable prices led to reduced demand: Due to various new compliances, the prices are
unstable which leads to a reduce in demand thereby reducing the commission to be earned
by the broker.

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Summary
Industry Developer Buyer Agents

Delay in approval Slower approval leads Lengthy and steady Delay in receiving
to slow recovery of procedure commission
investment

Scope is limited, Difficult to adapt to Not compulsory for No project can be

applies to only new new rules small projects (upto released without
projects. 1000 sq m) clearance

Disputes among centre Bureaucratic delays Affects timely delivery Lots of formalities,
and state in terms of of product more work
jurisdiction.

Stagnant growth Harsh penalties on Increased property Imbalance in demand

process default prices and supply

Doesn’t cover rental Pre-launch of projects Burden on consumers Unstable prices led to
agreements is not allowed, major because of loans taken reduced demand
source of raising by promoters
capital

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Examples
Location: East and South Gurugram

Type: Multi-storey Apartments

BHK: 3

Projects

Before RERA After RERA

1. Unitech Fresco, Unitech 1. Brahma City M-Block,

Group Brahma City Pvt Ltd.
2. TATA Raisina Residency, 2. Samsara Vilasa, Adani
TATA Housing Realty and Brahma
Development Company Group
3. Heritage One, Conscient 3. AIPL Boulevard, Haamid
Infrastructure Pvt Ltd. Real Estate PVT Ltd.
4. Ireo Grand Arch, Ireo 4. Emerald Classic, Emaar
Management Pvt Ltd. MGF land Ltd.
5. The Palm drive, Emaar 5. Araville, Supertech Ltd.
India Ltd.

Projects not registered with RERA

S.NO. Project Name Builder Location Price Super built

up area

1. Unitech Fresco Unitech Group Nirvana 1.20 Cr 1877 Sq ft.

Country,
Gurugram (Rs. 6,393/Sq ft)

2. TATA Raisina TATA Housing Golf course 1.50 Cr 1705 Sq ft.

Residency Development extension road,
Company Gurugram (Rs. 8,797/Sq ft)

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 3. Heritage One Conscient Sector 62, 1.65 Cr 1996 Sq ft
Infrastructure Gurugram
Pvt Ltd. (Rs. 8266/Sq ft)

4. Ireo Grand Arch Ireo Sector 58, 2.20 Cr 2164 Sq ft

management Gurugram
Pvt Ltd. (Rs. 10,166/Sq
ft)

5. The Palm drive Emaar India Sector 66, 1.90 Cr. 1950 Sq ft
Ltd. Gurugram
(Rs. 9,743/Sq ft)

Projects Registered with RERA

S.NO. Project name Builder Location Price Super built
up Area

1. Brahma City M- Brahma City Pvt Sector 60-61, 1.65 Cr. 1800 Sq Ft.
Block Ltd Gurugram
(Rs. 9,167/ Sq ft)

2. Samsara Vilasa Adani Realty Sector 60, 1.85 Cr. 1800 Sq ft.
and Brahma Gurugram
Group (Rs. 10,278/Sq
ft)

3. AIPL Boulevard Haamid Real Sector 70-A, 1.58 Cr. 2150 Sq ft.
Estate Pvt Ltd. Gurugram
(Rs. 6,250/Sq ft)

4. Emerald Classic Emaar MGF land Sector 65, 1.76 Cr. 2000 Sq ft.
Ltd. Gurugram
(Rs. 7,480/Sq ft)

5. Araville Supertech Ltd Sector 79, 1.26 Cr. 2215 Sq ft.

Gurugram
(Rs. 5,688/Sq ft)

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 (haryanarera.gov, n.d.)

S.NO Registration Project Project name Builder Project Location Registered

Certificate number ID with

1. 274 OF 2017 DATED NA BRAHMA BRAHMA SECTOR 60-61, VILLAGE NTERIM

09.10.2017 CITY M- CITY PVT. ULLAWAS RERA
BLOCK LTD. , TEHSIL WAZIRABAD

2. 207 OF 2017 DATED NA SAMSARA ADANI SECTOR 60, TEHSIL INTERIM

15.09.2017 PART I BRAHMA WAZIRABAD, RERA
SYNERGY GURUGRAM, HARYANA
PVT LTD

3. 224 OF 2017 DATED NA AIPL HAAMID SECTOR-70A, GURUGRAM INTERIM

18.09.2017 BOULEVARD REAL RERA
( GROUP ESTATE
HOUSING PVT. LTD
PROJECT)

4. GGM/362/94/2019/56 RERA- EMERALD EMAAR MGF SECTOR 65, GURUGRAM HRERA

DATED 01.10.2019 GRG- CLASSIC LAND
260- LIMITED
2019

5. GGM/284/2018/16 NA ARAVILLE SUPERTECH SECTOR- HRERA

DATED 13.10.2018 LIMITED 79,NAURANGPUR,MANESAR,
GURGAON

Certificates:

1. https://haryanarera.gov.in/view_project/view_certificate/NDIz
2. https://haryanarera.gov.in/view_project/view_certificate/MzMx
3. https://haryanarera.gov.in/view_project/view_certificate/NDQ4
4. https://haryanarera.gov.in/view_project/view_certificate/Njgw
5. https://haryanarera.gov.in/view_project/view_certificate/NTIw

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03. Objectives:

The objective of my project was to:

• Gather information about the real estate regulation and development act, 2016. Find
out the reasons that lead to its enactment and its importance

• Learn about the impacts of the act of real estate market in Gurgaon

• Figure out its benefits and drawbacks and then come to a conclusion if it was as
effective as expected or not

• By the end, understanding the concept more clearly with the help of some examples
before and after the act was passed.

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04. Literature Review:

The Real estate Regulations and Development Act talks about the meaning of this act. It has
various provisions referring to different aspects of this act, primarily its features, importance
etc.

The online portal of HRERA gives a clear idea about the its enforcement in Haryana. It has all
the registered projects that came into picture after the enactment of this act.

From various other sources, we have figured out the impacts of RERA in real estate market
in all over Gurugram. Further enunciating the benefits and drawbacks in detail.

From the Haryana online portal, we can also see some examples of projects after RERA was
enabled.

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05. Methodology adopted:
This research is primarily based on the Secondary Research method. It’s a common research
method. It involves the collection of data available on different and trusted online sources. It also
involves referring and studying of some literature like Research Papers from online sources, journals,
media reports from various outlets, reports from prestigious and renowned institutions, universities,
and organizations.

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06. Conclusion & Recommendations:
At the end, we can conclude that since real estate sector in India is one of the sectors
generating most income and adding a fairly good percentage to the GDP, It was highly
required to regularize this sector. By introduction of The RERA, 2016 the necessary rules
required to be followed have come up and there has been a lot of comfort and harmony in
this sector.
In order to analyse the result of any such act it takes a lot of time to come to any conclusion,
though it requires more hard work and training in the beginning and it is sometimes more
time consuming but as time passes by it shows its benefits and good impacts. Real estate
sector now has a regulatory body that guides its operation. It leads to benefits to the
customers and ease in functioning, also people can no longer resort to illegal methods of
doing the work and it has provisions that deal with all situations.
The act has both good and bad impacts on all the segments of the society, but it overall
benefits all the segments.

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07. References:
Bakshi, A. (2017, October 17). zricks. Retrieved from www.zricks.com:
https://www.zricks.com/Updates/Pros-and-Cons-of-RERA/1518#

Chetty, P. (2017, August 16). project guru. Retrieved from www.projectguru.in:

https://www.projectguru.in/rera-impact-indias-real-estate/

haryanarera.gov. (n.d.). Retrieved from haryanarera.gov.in:

https://haryanarera.gov.in/login/about_us

haryanarera.gov. (n.d.). Retrieved from haryanarera.gov.in:

https://haryanarera.gov.in/admincontrol/registered_projects/2

indiacode. (2016, november 24). Retrieved from indiacode.nic.in: https://indiacode.nic.in/show-

data?actid=AC_CEN_17_19_00033_201616_1517807328405&sectionId=8626&sectionno=2
&orderno=2

propertyxpo. (2019, september 11). Retrieved from www.propertyxpo.com:

https://www.propertyxpo.com/blog/the-impact-of-rera-on-real-estate-industry/

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Industry Guide Remarks:
The Report has been made in a thoughtful manner, focusing on the real estate market in
Gurugram. The structure of the report shows that great effort has been put in by Mehak in
researching & collecting data from various sources and then identifying useful data before
putting it together shows the clear idea behind this report.
She has explained in great depth the Need and Features of HRERA along with its Impact,
Benefits and Drawbacks with respect to, all the concerned people in a real estate
transaction.
The report makes it easier even for a layman to understand the importance of RERA and
how his/her rights are protected under it while purchasing an under-construction property
of a private developer.
You have successfully summed it up in the Conclusion & Recommendations of your
research.

Good luck!

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