THE ART OF SUSTAINABLE URBANIZATION: INSIGHTS FROM RERA'S IMPACT ON INDIA'S REAL ESTATE LANDSCAPE
DOI:
https://doi.org/10.29121/shodhkosh.v5.i3.2024.3394Keywords:
RERA, Sustainable Development, Real Estate, Transparency, Environmental Compliance, India, Green TechnologiesAbstract [English]
The Real Estate (Regulation and Development) Act (RERA), enacted in 2016, has been a pivotal force in transforming the Indian real estate sector by enhancing transparency, accountability, and efficiency. This paper examines the interplay between regulatory frameworks and the visual and cultural dynamics of sustainable urbanization. Through an extensive review of existing literature, policy analysis, and case studies, the research investigates the multifaceted impact of RERA on various stakeholders, including developers, buyers, and regulatory bodies.
RERA's stringent regulations have instilled greater trust among stakeholders by ensuring timely project completion, financial discipline, and comprehensive disclosures. These measures have not only improved market dynamics but also encouraged developers to adopt sustainable practices. The Act's emphasis on environmental clearances and adherence to sustainable construction norms has led to the increased use of green technologies and eco-friendly materials in real estate projects.
The study presents case studies highlighting successful implementations of sustainable practices post- RERA enforcement. These cases illustrate how regulatory frameworks can drive the adoption of sustainability in construction and development processes. The analysis underscores the role of RERA in fostering a culture of compliance and ethical practices, which is crucial for sustainable urban development.
Moreover, the paper explores the broader implications of RERA in promoting sustainability. It suggests that while RERA has made significant strides in reshaping the real estate sector, further enhancements are necessary to fully realize its potential in driving sustainable development. Policy recommendations include strengthening enforcement mechanisms, promoting awareness about sustainable practices among developers, and incentivizing green construction.
In conclusion, RERA is not merely a regulatory measure but a catalyst for change, steering the real estate sector toward a more sustainable and responsible future. By promoting transparency and accountability, RERA is laying the groundwork for a paradigm shift in sustainable real estate development in India.
References
Ministry of Housing and Urban Affairs (2016). The Real Estate (Regulation and Development) Act, 2016. Government of India.
Indian Green Building Council (IGBC). (2022). Green Building Certification Trends in India. Hyderabad: IGBC.
Kumar, R., & Sharma, P. (2023). “Transparency and Sustainability Post-RERA: Case Studies from Indian Real Estate Projects.” Journal of Urban Regulation, 15(2), 98–115.
National Real Estate Development Council (NAREDCO). (2021). Annual Report on Sustainable Real Estate Practices Post-RERA Implementation. New Delhi: NAREDCO.
Gupta, S., & Patel, K. (2021). “The Environmental Implications of RERA: Challenges and Opportunities.” Sustainable Development Journal, 10(4), 59–72.
Roy, A., & Ghosh, S. (2022). "Sustainable Practices in Indian Real Estate: Post-RERA Trends." Journal of Sustainable Construction Practices, 14(3), 72–85.
Elkington, J. (1998). Cannibals with Forks: The Triple Bottom Line of 21st Century Business. Oxford: Capstone. DOI: https://doi.org/10.1002/tqem.3310080106
United Nations (2015). Sustainable Development Goals Report. UN Publications.
Porter, M. E., & van der Linde, C. (1995). "Toward a New Conception of the Environment- Competitiveness Relationship." Journal of Economic Perspectives, 9(4), 97–118. DOI: https://doi.org/10.1257/jep.9.4.97
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Rekee Prashar, Prof.(Dr.) Aditya Tomer
This work is licensed under a Creative Commons Attribution 4.0 International License.
With the licence CC-BY, authors retain the copyright, allowing anyone to download, reuse, re-print, modify, distribute, and/or copy their contribution. The work must be properly attributed to its author.
It is not necessary to ask for further permission from the author or journal board.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
