FAQs
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 investments in the real estate industry. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016.
The main objectives of RERA are:
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To protect interest of consumer in real estate sector
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To establish a process for speedy dispute redressal
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To ensure sale of plot, building or apartment, or real estate project, in an efficient and transparent manner
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To establish a tribunal to hear appeals from decisions, directions or orders of Real Estate Regulatory Authority and adjudicating officer
The RERA Act was assented by the president of India on 25th March, 2016 and was notified in Gazette of India for public information on 26th March, 2016. However, commencement of specific sections of the ACT will be done in step by step manner. The entire process will take around 12 to 18 months.
The Act was notified in e-Gazette on 26th March 2016. The Act is applicable to whole of India except Jammu & Kashmir
A number of key terms have been defined. Some of them are:
Advertisement, Agreement for Sale, Allottee, Apartment, Architect, Building, Carpet Area, Commencement Certificate, Common Areas, Completion Certificate, Development, Development Works, Engineer, Estimated Cost of Real Estate Project, External Development Works, Family, Garage, Immovable Property, Interest, Internal Development Works, Local Authority, Occupancy Certificate, Person, planning area, Project, Promoter, Prospectus, Real Estate Agent, Real Estate Project, Sanctioned Plan