The real estate sector plays a crucial role for housing and infrastructure in the country.Inspite of the high growth in the sector, it has largely remained unregualated, without professionalism and lack of adequate consumer protection.
This has lead to an unhealthy growth of the industry, emphasising the need for Government regulation.
The Real Estate (Regulation & Development) Act 2016 ( RERD ACT), came into force with effect from 01/05/2016 and 69 out of 92 sections viz., Section 2, Sections 20 to 39, Sections 41 to 58, Sections 71 to 78 & Sections 81 to 92, came into force from 01/05/2016. The remaining sections have come into force on 01/05/2017.
RERA seeks to bring transparency and accountability to the real estate sector. It is now mandatory for Real Estate Projects and Real Estate Agents/Intermediaries to register. There are significant penalties proposed for non compliances. All stakeholders are bestowed with a host of rights with fast track mechanism for non compliance and for redressal of grievances.
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