Does Indian real estate regulation protect urban homebuyers? policy implications

With the passage of the Indian Real Estate (Regulation and Development) Act, 2016 (RERDA, 2016/Act), the previously unregulated urban housing and real estate market scenario began to change. According to the promoters' evasive and aggressive approach, the Act has saved homebuyers from exploitation and impacted society. The paper examines relevant statutory provisions and judicial decisions protecting urban homebuyers ' interests. It examines their impact on them in particular and society as a whole. The study examines the reactions of 751 respondents comprising 540 homebuyers , 87 unsuccessful buyers, 59 builders, 56 officials, and nine experts using descriptive statistics, ANOVA, and a fuzzy analytical hierarchy process. The findings show that builders frequently take advantage of homebuyers . The builders' lobby and regulatory capture are on the horizon. Political willpower and strained interstate relations work with homebuyers . The findings demonstrate that timely judicial interventions have removed bottlenecks created by builders, benefiting both builders' and governments' efforts to protect homebuyers ' interests. Nonetheless, even six years after its implementation, the Act's performance remains uneven. The study has research implications for the theory, policy, and socioeconomic practice in the real estate market.