Revitalizing Real Estate Professionalism: Assessing the Impact of RERA on Channel Partners in India

Abstract

In the dynamic landscape of the 21st-century real estate market, factors such as the paradox of choice and technological advancements significantly influence consumer behavior. To extend their services to a broader customer base, developers, builders, and marketing partners in the real estate sector are establishing intermediaries and efficient channels. For an extended period, the Indian real estate market operated without regulations, exposing buyers to unfair dealings, malpractices, and biased transactions facilitated by channel partners. The Real Estate Regulatory Act (RERA) was enacted in 2016, introducing robust guidelines to protect the interests of real estate buyers. This study delves into the transformative impact of RERA on channel management within the Indian real estate sector and its implications for real estate transactions. Drawing insights from a survey of 200 respondents who have purchased houses, the findings underscore the positive influence of RERA on the professionalism of channel partners. This impact manifests in heightened transparency, accountability, and ethical practices in real estate transactions. The research reveals an increased confidence among buyers in engaging with channel partners for real estate transactions. In contributing to the existing body of literature on RERA, this research emphasizes the pivotal role of professionalism and ethical practices among channel partners in ensuring the sustainable growth of the real estate industry in India.