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The Real Estate (Regulation and Development) Act, 2016 provides for establishing regulatory authorities at the state level to register residential real estate projects and seeks to regulate contracts between buyers and sellers in the real estate sector to ensure sale of plot, apartment or building, etc. in an efficient and transparent manner. It also proposes to ensure greater accountability towards consumers, and significantly reduce frauds and delays as also the current high transaction costs. By imposing certain responsibilities on consumers and promoters, it attempts to balance the interest of both. It seeks to establish ease of information between the promoter and purchaser, high level of transparency of contractual conditions, set minimum standards of accountability and a fast track dispute resolution mechanism.
The real estate sector plays a vital role in fulfilling the need and demand for housing and infrastructure development in the India. While this sector has grown rapidly in recent years, it has been largely unregulated, though in India there is state apartment act, with the absence of professionalism and standardization. The lack of adequate consumer protection mechanism resulted in exploitation and profiteering by unscrupulous builders. Thus, the Real Estate Act will protect the interest of buyers and also give much-needed impetus to the sector.
RERA is application on promoters, project and real-sate agents subject to following conditions
The prominent object of the RERA is to generate faith and confidence of the stake holders whether promoter or buyer in Real Estate Sector. Some of the objectives of RERA are –
1. To establishing a Real Estate Regulatory Authority (RERA) for the sole purpose of regulation in real estate.
2. To provide transparency and grievance system in Real Estate Sector
3. To protect of right of buyers
4. To establish the authenticity of promoters, real estate project and real estate agents
5. To curb on unnecessary delay in approval of project, delivery of project etc
6. To Set up appellate System for grievance redressal system
7. To bring confidence in real estate sector
8. To prescribe the penalties for defaulters