The Real Estate (Regulation and Development) Act, 2016, a parliamentary enactment in India, serves a dual purpose of safeguarding home-buyers and bolstering investments within the real estate sector. Enforced since 1 May 2016, the Act aims to establish the Real Estate Regulatory Authority, promoting sector regulation and transparency. It safeguards consumer
interests, facilitating swift dispute resolution and ensuring builders provide accurate project information. Additionally, the Act empowers the regulatory authority to oversee both residential and commercial real estate transactions. Notably, developers are mandated to disclose project details and adhere to project schedules, while violations of the regulatory orders can lead to a jail term or fines. This act marks a significant stride in fostering accountability and transparency in India's real estate landscape.
Every project measuring more than 500 square metres or more than eight apartments will have to be registered with the RERA.
This law vests authority on the real estate regulator to govern both residential and commercial real estate transactions.
Every real estate project has to be registered under the RERA Act. The regulatory authorities have jurisdiction over the projects.
The Real Estate (Regulation and Development) Act, 2016, prioritizes consumer protection and investment growth. It establishes a Real Estate Regulatory Authority to ensure transparency and resolve disputes. Mandatory project disclosure, consumer interest safeguarding, and penalties for violations constitute its core aspects, redefining India's real estate industry dynamics.
