The prolonging and dire need for discipline and transparency in
the real estate sector was finally heeded to and The Real Estate
(Regulation & Development) Act, known as
"RERA" (hereinafter
"RERA" or "the
Act") was brought into effect on 1st May 2016. The
Authority under the Act ("Authority")
has been established as a watchdog to regulate the sector to
enhance professionalism and enable efficiency and transparency. The
Authority has been vigorously considering the malpractices of the
Real Estate big shots and has brought quite a few under the radar
imposing severe penalties.
With the constitution of the Real Estate Regulatory Authority
under section 20 of the Act, appointment of an adjudicating
authority under section 71 and constitution of the Appellate
Tribunal under sec 20, RERA is the new ray of hope for
homebuyers.
