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The Government of India enacted the Real Estate (Regulation and Development) Act in 2016 and all the sections of the Act have come into force, effective from May 1, 2017. The Central and State governments (except Jammu and Kashmir) are liable to notify the Rules under the Act within a statutory period of one year (The updated list of implemented states can be found here).
Under the Real Estate (Regulation and Development) Act, 2016 setting up of Real Estate Regulatory Authority and Appellate Tribunal in each State/UT is mandatory.
The authority shall also establish an adjudicating mechanism for speedy dispute redressal regarding registered real estate projects. The key responsibilities of the Authority are as follows:
✓ Ensuring disclosure of all Real Estate Projects by Promoters (Developers, builders)
✓ Registering Real Estate Projects
✓ Registering Real Estate Agents
✓ Resolving Buyer complaints
✓ Providing recommendations to government in matters relating to the development & promotion of real estate sector.
□ RERA stands for “Real Estate Regulatory Authority”.
□ Setting up of RERA in all States and UTs was mandated by the Real Estate Regulation and Development Act, 2016 (Henceforth to be called The Act).
□ The Act also mandates the setting up of a Real Estate Appellate Tribunal court in every State and UT in the country.
□ RERA is the Authority over Real Estate and is similar to SEBI for the stock market and TRAI for the Telecom Industry.
□ RERA aims to implement and bring about clean and transparent Real Estate ecosystem in all the States and UTs.
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