The Real Estate (Regulatory And Development) Act (RERA) was passed in the Parliament in March 2016 and it received the Presidential Assent on 25th March 2016. 59 Sections of the Act were notified to come into force from 1st May 2016 and the balance were notified to come into force from 1st May 2017.
The purpose of this Act is:
- to establish the Real Estate Regulatory Authority (RERA Authority) for regulation and promotion of the real estate sector
- to ensure sale of real estate projects or plots, apartments orbuildings, in a real estate project,commercial as well as residential, in an efficient andtransparent manner
- to protect the interest of consumers in the real estatesector
- to establish an adjudicating mechanism for speedy dispute redressal