India, Feb. 22 -- The Supreme Court recently issued strong criticism of RERA, suggesting it primarily benefits defaulting builders and questioning its continued existence. This stems from a case involving Himachal Pradesh RERA, amid a history of real estate woes triggered by tax incentives. RERA was enacted to curb builder malpractices, but faces challenges in implementation and constitutional scrutiny.

Tax incentives spark boom

Section 80-IB(10) of the Income Tax Act, 1961, provides a 100 per cent deduction on profits derived by an undertaking from developing and constructing approved affordable housing projects. Key conditions include a minimum plot size of 1 acre, residential unit carpet areas restricted to 1,000-1,500 sq. ft., depen...