Features, benefits, impact, and key provisions of Real Estate Regulatory Authority (RERA) Act 2016

RERA which stands for Real Estate Regulatory Authority was created under the Real Estate (Regulation and Development) Act, 2016 to protect home buyers and also to increase investment in real estate. This Parliament of India Bill was passed by the Upper House (RajyaSabha) on 10 March 2016. The RERA Act came into force on 1 May 2016. At that time only 52 of the 92 sections were notified. All other provisions were effective from 1 May 2017. The Real Estate (Regulation and Development) Act 2016 under Section 84, it assumes that within six months from the date of its commencement, the State Governments shall lay down rules for the implementation of the provisions related to the Act. On 31 October 2016, the Center through the Ministry of HUPA (Housing & Urban Poverty Alleviation) issued the Real Estate (Regulation and Development) Act General Rules, 2016. All these rules are applicable to Union Territories like Chandigarh, Lakshadweep, Daman & Diu, Dadra & Nagar Haveli and Andaman & Nicobar Islands. This paper reviews features, benefits, impact, and key provisions of Real Estate Regulatory Authority (RERA) Act 2016