Consumer Centricity as a Delivery Strategy for Assets in the Real Estate Sector: An Analysis of the Framework and Interpretation of Law
Publication: Journal of Legal Affairs and Dispute Resolution in Engineering and Construction
Volume 15, Issue 1
Abstract
Consumer centricity (C-C) in the Indian real estate sector has gained prominence since the introduction of the Real Estate (Regulation and Development) Act in 2016. For a growing economy such as India’s, with significant dependence on the construction industry to catalyze economic development, real estate consumerism is of vital importance to spearhead growth in the construction industry. This study critically examined the positioning of consumers in the Indian real estate sector over the years and to date in order to identify areas requiring interventions. Within the framework of the law, key factors defining and contributing to consumer centricity with regard to the delivery of real estate assets were identified. Various real estate sector–specific statutes were traced back along a timeline; they were assessed for the presence of the identified consumer-centric factors. The changes in legislative intent over time were coupled with timely judicial interpretations of laws in courts and regulatory forums. Lastly statutes of significance to real estate asset delivery were probed for inherent loopholes in their frameworks. The growing impetus to consumer centricity both in the making and interpretation of real estate laws was clearly established in the present study. However, existing laws of importance to real estate asset delivery were identified to be contributors to the creation and preservation of an inherent imbalance in the design and power structure of the sector, to the detriment of consumers of real estate assets. The findings undoubtedly indicate that to stimulate growth in the construction industry, the need of the hour is to place consumer centricity at the heart of affairs through the correction of inherent loopholes in the framework of law governing real estate asset delivery.
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Data Availability Statement
All of the data, models, and/ or code that support the findings of this study are available from the corresponding author upon reasonable request.
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Information & Authors
Information
Published In
Journal of Legal Affairs and Dispute Resolution in Engineering and Construction
Volume 15 • Issue 1 • February 2023
Copyright
© 2022 American Society of Civil Engineers.
History
Received: Feb 28, 2022
Accepted: Jul 12, 2022
Published online: Sep 26, 2022
Published in print: Feb 1, 2023
Discussion open until: Feb 26, 2023
ASCE Technical Topics:
- Asset management
- Business management
- Construction engineering
- Construction industry
- Construction management
- Coupling
- Economic factors
- Financial management
- Government
- Infrastructure
- Laws and regulations
- Legal affairs
- Legislation
- Organizations
- Practice and Profession
- Real estate
- Structural engineering
- Structural members
- Structural systems
- Urban and regional development
- Urban areas
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