India, Feb. 22 -- The recent observations of the Supreme Court on the functioning of Real Estate Regulatory Authorities (RERAs) should serve as a national wake-up call. When the Chief Justice of India remarks that some authorities appear to be doing little "except facilitating builders in default" and even questions whether "it may be better to abolish this institution," the credibility of the entire regulatory architecture stands challenged.

RERA was enacted in 2016 with enormous public hope. For the first time, India's real estate sector came under a statutory framework promising transparency, accountability, escrow safeguards, defined timelines, and parity between buyers and developers. On paper, it remains one of the strongest consum...