ALL YOU KNOW ABOUT RERA ACT 2016
Real Estate (Regulation and Development) Act, 2016 why it is needed? 1. Real estate sector had been largely unregulated, no standardization of business practices and transactions. 2. Presence of issues like delays, price, quality of construction. Delays in projects had been a major issue plaguing real estate sector- huge cost overrun due to delays. 3. Various instances where developers cheated property buyers. 4. No grievance redressal mechanism. •Huge generation of black money in real estate sector Features of The Real Estate (Regulation And Development) Act, 2016 1. Establish the Real Estate Regulatory Authority (RERA) for regulation and promotion of the real estate sector 2. Ensure sale of plot, apartment of building or sale of real estate project, in an efficient and transparent manner 3. Ensure protection the interest of consumers in