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> Dear Readers, > > After much deliberations, the Real Estate (Regulation and Development) Act, 2016 (RERA) has finally evolved from the Real Estate Bill and came into force on May 1, 2016.  RERA is applicable pan-India but the reality is that development in Mumbai and rest of India is on different footing.  Mumbai, being 4th or 5th most expensive real estate of the world has a different benchmark and when we equate with rest of India, there will be challenges faced by developers of Mumbai. > > RERA is a very stringent legislation and is a major step towards regulating the real estate sector. It aims to enhance consumer protection by facilitating that the consumer gets the product on time as promised, thereby increasing consumer confidence as well as helping to create lasting developer brands strong on quality and timely delivery of their projects. However, implementation of the RERA raises few challenges that need to be addressed to make this law fai r and mor...