There is an emerging policy consensus around promoting cities as engines of economic growth (XV Finance Commission, 2020, pg. 169). NITI Aayog, in its May 2022 report, proposed developing comprehensive economic plans for Indian cities. The 74th amendment also allows Urban Local Bodies to integrate and implement economic development schemes through the master plan. Cities across the world use economic data to understand and identify target areas for investment in transportation or economic infrastructure (for example, Sao Paulo) or setting up targeted investment funds (such as London’s Regeneration Fund and Growing Places Fund) or improving poor neighbourhoods’ access to better…
Read moreTrust deficit between developers and home buyers has been a pressing concern in most cities. Also, there have been several instances of failure to deliver on promises made to home buyers or excessive delays. This resulted in a demand for legislation to protect the interests of the buyer. Thus, to create a single sectoral regulator to regulate the real estate sector, the Real Estate (Regulation and Development) Act (RERA), 2016 was passed by the Indian parliament on 1 May 2016, notifying 56 sections of the Act. However, effective implementation of RERA began only in 2017, with the remaining 32 sections…
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