Important Topic: Real Estate (Regulation and Development) Act - 2016
Important Topics for Competitive Exams
As a result of a notification by the Union Ministry of Housing and Urban Poverty Alleviation (HUPA), The Real Estate (Regulation and Development) Act, 2016 came into effect from 1st May 2017. It is now mandatory for all the States and Union Territories to establish state level regulatory authorities called Real Estate regulatory authorities (RERAs) within a year of the Act coming into force.
It ensures registration of residential projects and the availability of relevant details on the RERA website & also ensuring that all the stakeholders such as buyers, sellers, and agents comply with obligations under the Act. It also advises government on matters pertaining to the development of real estate.
The buyer has to make the required payments as per the agreement signed with the promoter. If there is a delay in payment, then the buyer will be liable to pay interest for the delayed period.
RERAs will not act as tribunals. Under the Act to hear appeals against the decisions of RERAs, each State/UT has to establish one or more Real Estate Appellate Tribunals & it must adjudicate cases within 60 days and regulatory authorities must dispose of complaints within 60 days.