Real Estate (Regulation and Development) Act, 2016
(Act) was enacted in order to effectively respond
to a host of systemic issues in the real estate sector and balance
the interest of all stakeholders in this ecosystem. Through this
article, we aim to evaluate the journey of the legislation and
where it stands today.
The Act seeks to harmonize the jurisdictions of the Centre and
the States/Union Territories by vesting the relevant authorities
– legislative, executive, and judicial –
(Authorities) with requisite competence for
carrying out its provisions. Along with setting up the machinery
for administering and adjudicating its provisions, the Authorities
were further empowered to make regulations and rules under the
Act.
