The real estate sector got its own regulator from May 1, 2017 the date when the Real Estate (Regulation and Development) Act, 2016 (RERA) became effective in the entire country.
Each state and Union territories will have its own Regulatory Authority which will frame regulation and rules according to the Act. RERA is expected to bring clarity and fair practices that would protect the interest of buyers and also impose penalties on errant builders.
What is RERA?
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investment in the real RERA: A BOON FOR HOMEBUYERS estate industry. The bill was passed by RajyaSabha on 10 March 2016 and by the LokSabha on 15 March 2016. The Act came into force from 1 May 2016 with 59 out of 92 sections notified. Remaining provisions came into effect from May 2017.
According to RERA, each state and Union territory has its own regulator and set of rules to govern the functioning of the regulator. Centre has drafted the rules for Union Territories including the national capital.
What was the need for a regulatory law for the real estate? The real estate sector has grown in the recent years but has largely been unregulated from the perspective of consumer protection. Though, consumer protection laws are available, the recourse available therein is only curative, but not preventive. This has affected the overall potential growth of the sector due to absence of transparency and standardization.
Provisions under RERA
RERA is expected to bring the much-needed relief to homebuyers as builders will be accountable for the promise they made to the home buyers. To safeguard the interest of home buyers the following provisions are made in RERA:
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