The Real Estate (Regulation And Development) Act, 2016

PREFACE :

• The Real Estate Act, introduced in 2013, has been passed by the Indian Parliament and received the President's assent on 25.03.2016.
• The Act intends to promote the interests of the consumers of both commercial and residential projects by bringing in transparency and safety in the market through a regulatory mechanism
• The Act seeks to address the lacunae in the real estate sector and harmonize the relationship between the developer and the consumer
• The Act is directed towards regulating the sector, which is considered to be second lowest in terms of consumer satisfaction
• The Real Estate Regulation and Development Act(RERA) was set up to perform the same role for property transactions as SEBI does for security transactions in the capital markets.