A Comparative Study of Regulatory Framework and Consumer Rights in Real Estate Transactions in India and the UK

Abstract

Real estate transactions usually include those of the biggest financial investments made by individuals. Considering the size of transactions, consumers in this field require a solid legal framework to protect themselves from fraud, delays, and other malpractices. The legal environments of the Indian and UK real estate industries represents two extremely different legal scenarios. This study analyses consumer rights and remedies in real estate transactions in the United Kingdom and India, taking into account enforcement efforts, judicial trends, and legislative frameworks. The study's goal is to analyze the consumer protection regulations and propose measures for increasing consumer trust in real estate markets. It examines regulatory frameworks, legal clarity, dispute resolution processes, and reforms in the real estate transactions. The consumer rights, buyer-builder contract, rights of homebuyers during insolvency of the real estate builder are also compared considering the real estate industry's rising corporate crisis in India.  At the end, suggestions are made for cross-border harmonisation of best practices for improving consumer protection in the real estate market in India.