The Real Estate (Regulation and Development) Act, 2016 is an Act of the Indian Parliament. It was put into practice with the intention to secure home-purchasers and protect interests in the real estate business.
The absence of a proper regulatory action for the real estate sector was long due. It establishes the Real Estate Regulatory Authority in every State and Union territory. Its works include protection of the interest of stakeholders, data accumulation at designator repository and creation of a robust grievance redressal mechanism. The authorities have been mandated to address complaints within a maximum timeframe of 60 days.
The important topics the Act addresses are:
- The rights of the client and their security.
- Administrative oversight on land designers, agents/ intermediaries.
- It defines the obligations of land engineers and default situations.
- Sets up practical timelines for enrollment of ventures and resolution of disputes.
- It accurately sets up punishments and liabilities for real estate businessmen and dealers/ middlemen.
- Parts and obligations of financial specialists and investors.
With the implementation of RERA special forms such as the State Real Estate Regulatory Authority and the Real Estate, Appellate Tribunal is established for resolution of disputes related to buying homes where the aggrieved party has no recourse to other consumer forums and civil courts on these issues. RERA ensures timely resolution of such disputes and how well they are handled with a degree of finality. This further helps to ensure that borrowers get easier clearance of home loan to get the coveted property. Thus, RERA aims to bring a lot of accountability and professionalism with the implementation of transparent business practices to help both home buyers and sellers reap its benefits.
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Additional Read: Diluted RERA Makes Haryana Buyers Anxious
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