Real Estate (Regulators and Developers) Act, 2016
By Advocate Piyush Singh / 2016-07-22
The Real Estate (Regulation and Development) Act, 2016 seeks to protect the interest of the allottees/purchasers by promoting transparency, accountability and efficiency in the construction and execution of real estate projects by promoters. It also holds the promoters accountable for not registering their projects with the Real Estate Regulatory Authority (Regulatory Authority) or for providing insufficient information regarding their project.

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RERA aims to create a balance between the interests of the consumers and developers. At present, the absence of a regulatory framework, lack of transparency and delays in obtaining numerous approvals are some of the issues hurting the sector. These need to be addressed to calm investor's nerves and boost sentiment. Therefore, among the key focus areas of the Act are encouraging best practices in the sector, bringing transparency and accountability, and ensuring timely execution of projects.

Need for a RERA Authority

The demand for a dedicated expert body to cater to the specific disputes in the sector has been a long-pending one. For other sectors we have various regulators such as consumer forum, the insurance ombudsman, banking ombudsman, the Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, etc. but the real estate sector is yet to get such a dedicated body. Real estate disputes, therefore, ultimately lead to litigation. Top RERA lawyers in India can help you to file a case against the builder for delay in property possession.

This not only delays things but many a time even the judges find themselves unable to adjudicate such matters for want of requisite domain knowledge. Real Estate developers who happen to be the key sector stakeholder, must be taken on board and their concerns must be addressed for the successful implementation of the Act. Apart from bringing in transparency and making it all fair in the property market, the legislation is expected to improve the overall health of the sector.

Setting Up of Regulatory Body

The Real Estate (Regulation and Development) Act, 2016 seeks to protect the interest of the allottees/purchasers by promoting transparency, accountability and efficiency in the construction and execution of real estate projects by promoters. It also holds the promoters accountable for not registering their projects with the Real Estate Regulatory Authority (Regulatory Authority) or for providing insufficient information regarding their project.

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