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Real Estate (Regulation and Development) Act, 2016

  Jun 15, 2022

Real Estate (Regulation and Development) Act, 2016

Q Why is it in News ?

A The Supreme Court has asked the Chief Secretaries of the States to respond to queries raised by the Centre on the implementation of rules framed under the Real Estate (Regulation and Development) (RERA) Act, 2016 in their respective jurisdictions.

Q What is RERA, 2016?

Q What are Objectives of this Act ?

A It has the following objectives:

Q What are key Provisions of RERA Act ?

  1. Register and maintain a database of real estate projects; publish it on its website for public viewing
  2. Protection of interest of promoters, buyers and real estate agents
  3. Development of sustainable and affordable housing
  4. Render advice to the government and ensuring compliance with its Regulations and the Act

Q Which projects can get RERA approval?

Q What are Benefits offered by the RERA Act ?

IndustryDeveloperBuyerAgents
  • Governance and transparency
  • Project efficiency and robust project delivery
  • Standardization and quality
  • Enhance the confidence of investors
  • Attract higher investments and PE funding
  • Regulated Environment
  • Common and best practices
  • Increase efficiency
  • Consolidation of sector
  • Corporate branding
  • Higher investment
  • Increase in organized funding
  • Significant buyers protection
  • Quality products and timely delivery
  • Balanced agreements and treatment
  • Transparency – sale based on carpet area
  • Safety of money and transparency on utilization
  • Consolidation of the sector (due to mandatory state registration)
  • Increased transparency
  • Increased efficiency
  • Minimum litigation by adopting best practices