The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute redressal. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into force on 1 May 2016 with 59 of 92 sections notified. Remaining provisions came into force on 1 May 2017
Why is Rera required? The objective of RERA is to protect customers especially through the period of the construction of the project. Once a project has the Occupancy certificate the risk to the consumer reduces drastically
What if property is not Rera registered?
You may land in serious trouble if you purchase in a project which is not registered with your state’. “RERA is a foolproof regulation to re-build trust, bring in transparency, and safeguard consumers’ interest. If a builder fails to register his project with RERA, it is his fault
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