Real Estate (Regulation and Development) Act, 2016

Real Estate (Regulation and Development) Act, 2016

The Real Estate (Regulation and Development) Act, 2016 came into force on May 01, 2016. Union Ministry of Housing and Urban Poverty Alleviation (HUPA) notified 69 of the total 92 sections of the Act to bring it into force from 1 May 2016. This culminates the eight year long efforts in this regard.

Applicability of the Act: An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.

It extends to the whole of India except the State of Jammu and Kashmir.

Implementation Date: Act contain 92 Section out of which Central Government (Ministry of Housing & Poverty Alleviation) has notified 69 Section with effect from May 01, 2016. As per notification rules under the Act have to be formulated by the Union and State Governments within a maximum period of six months from the act coming into force that is by 31 October 2016 under Section 84 of the Act.

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