The Real Estate (Regulation And Development) Act, 2016 – Key Aspects

Vide recent Notification dated April 19 2017 being S.O. 1216(E) issued by the Ministry of Housing and Urban Poverty Alleviation sections 3 to 19, 40, 59 to 70 and 79 to 80 of the Real Estate (Regulation and Development) Act, 2016 (the "Act' or 'RERA') came into force w.e.f. May 01 2017. Earlier, the Ministry notified effective date for sections 2, 20 to 39, 41 to 58, 71 to 78 and 81 to 92 of the Act as May 01 2016.

THE PREAMBLE OF THE ACT STATES:

An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate