REGULATORY GOVERNANCE AND SUSTAINABLE REAL ESTATE ENTREPRENEURSHIP: EVALUATING THE IMPACT OF RERA IN INDIA
DOI:
https://doi.org/10.69980/a0jxms63Keywords:
Regulatory Governance, Sustainable Entrepreneurship, Real Estate Sector, RERA (Real Estate Regulation and Development Act), Entrepreneurial EcosystemAbstract
The real estate sector plays a crucial role in economic development, urban expansion, and investment generation in emerging economies such as India. However, the sector has historically faced challenges related to project delays, information asymmetry, and weak regulatory governance. The enactment of the Real Estate (Regulation and Development) Act, 2016 (RERA) was intended to address these challenges by improving transparency, accountability, and consumer protection in the real estate market. This study examines the role of regulatory governance in shaping sustainable real estate entrepreneurship in India and evaluates the impact of RERA on entrepreneurial practices and institutional development within the sector. The research adopts a qualitative doctrinal research design based on the analysis of statutory provisions, regulatory frameworks, judicial decisions, policy reports, and academic literature. Guided by institutional governance theory and the sustainable entrepreneurship framework, the study explores how regulatory reforms influence entrepreneurial behaviour, market transparency, and responsible business practices in the real estate industry. The findings suggest that RERA has strengthened regulatory oversight, improved market transparency, enhanced investor confidence, and encouraged more professional and ethical entrepreneurial practices among real estate developers. The regulatory mechanisms introduced under RERA contribute to the development of a more structured and sustainable entrepreneurial ecosystem by reducing market uncertainty and promoting responsible project management. The study highlights the importance of effective institutional governance in fostering sustainable entrepreneurship and strengthening long-term stability in the real estate sector.
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