The Real Estate (Regulation and Development) Act, 2016 , commonly known as ( R E R A ),

The Act Received the Assent of The President of India on 25-Mar-16 –   (The Act :- http://mhupa.gov.in/writereaddata/Real_Estate_Act_2016.pdf )

All the States are in the process of drafting their Rules which shall be very shortly implemented all across our Nation.

The Real Estate Act, 2016 aims at

  1. Protecting the rights and interests of consumers in the real estate sector
  2. Promotion of uniformity and standardization of business practices and transactions
  3. Balance the interests of consumers and promoters by imposing certain responsibilities on both
  4. Establish symmetry of information between the promoter and purchaser
  5. Transparency of contractual conditions
  6. Set minimum standards of accountability
  7. Fast-track dispute resolution mechanism

 

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