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ARTICLE · 20 JUNE 2017

Real Estate (Regulation & Development) Act, 2016 |Issues: Addressed & Un-Answered

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The registration of the project is to expire on the date of proposed completion of project.

IndiaReal Estate and Construction
Abhijeet Swaroop
Abhijeet Swaroop
Ankur Khandelwal
Ankur Khandelwal
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Background

The real estate sector plays a pivotal role in fulfilling the need and demand for housing and infrastructure in the country. However the earlier framework and regulatory regime was inadequate to address all the concerns of buyers and developers in the real estate sector. The lack of an exhaustive legal framework paved the way for enactment of the Real Estate (Regulation and Development) Act, 2016 ("Act").

  1. Structure of the Act

On 1 May 2017, the Central Government notified various provisions of the Act thereby bringing into force all the 92 provisions of the Act. The Act covers provisions with respect to all the possible stages of interaction between the developer and the prospective allottee, ranging from the stage of registration of a project till the registration of the property.

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