Impact of Implementing the Real Estate (Regulation and Development) Act in the Construction Industry

The Indian real estate sector is pivotal in the nation’s economic growth. The purpose of this study is to identify and evaluate the effects of implementing the Real Estate (Regulation and Development) Act in the Construction Industry in Gujarat, India. Utilizing a comprehensive literature review, 26 impact attributes were identified, and an extensive questionnaire was developed, collecting 96 responses from industry stakeholders. The data were analyzed using descriptive statistics, exploratory factor analysis, and fuzzy preference relations metrics. Findings reveal that consumer-centric standardization and transparency is the most critical factor, enhancing buyer confidence and market transparency, while price escalation and market uptrend is the least important. This research offers valuable insight for policymakers in improving the real estate sector’s transparency to protect buyer’s interests and boost real estate investment. The study underscores the necessity for targeted reforms to enhance industry standards and promote a more transparent and accountable real estate market in Gujarat.