This is Part 1 of 3 Part series of
Real Estate Regulation and Development Act, 2016. In this part
we will cover what is RERA, registration and revocation of Real
estate projects, Functions, powers and duties of promoters &
allottees.
RERA Act 2016 establishes a Real Estate Regulatory Authority
(RERA) in each state for regulation and promotion of real estate
sectors and to establish an adjudicating mechanism for speedy
dispute redressal. The Act came into force on 1 May
2016 with 61 sections. At present there are 10
Chapters and 92 Sections under this Act. This Act was
passed to correct the ambiguities in the real estate transactions
which were highly in favor of developers.
Main objective or Need of this Act is to:
