• Research/Scholar Paper name – Role of Real Estate (Regulation and Development) Act, 2016- A Critical Appraisal
  • Author:  Garima Oberoi
  • Institution: 2020 batch of Vivekananda Institute of Professional Studies
  • Affiliation: Centre for Study of Contemporary Legal Issues
  • Date of Publication: 01/06/2021

Abstract:

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 and the Lok Sabha in March2016. The Act came into force from 1 May 2016.Remaining provisions came into force from 1 May 2017. The objectives of this act are to Ensure Transparency & Efficiency in real estate sector in regards to sale of plot, apartment, building or real estate project; Protecting the interest of consumers in real estate sector; Establishing adjudicating mechanism for speedy dispute redress land Establishing Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority. Prior to RERA, there was no clarity on carpet area, was sort of monopoly of Builders regarding loading, rates, modes of payments. There were Frauds, no clear picture of project, possession, sanctions. An attempt has been made to find out the immediate impact of this act on the Builders, and the customer.

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Role of Real Estate (Regulation and Development) Act, 2016- A Critical Appraisal

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