RERA

                           RERA

The common man who invested his lifelong savings in buying real estate had very limited rights. To protect and safeguard the interests of the home buyers and to ensure that they are not exploited by the developers/builders – the govt of India introduced the RERA Act to protect the interests of the property buyers.

What is RERA?

RERA stands for Real Estate Regulations Act and was introduced in 2016 to protect the interests of the home buyers. The main aim of RERA is to provide relief to the buyers from the malpractices of unfair builders.

RERA specifies certain norms for building and development of real estate which will enhance the transparency in transactions in the real estate sector.

RERA Rules

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 of 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

As late as 31 October 2016, Central Government, released the Real Estate (Regulation and Development) (General) Rules ml 2016, vide Notification by the Ministry of Housing & Urban Poverty Alleviation(HUPA).The Rules so issued by the Central Government are applicable to the five Union Territories without Legislature viz., Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep, and Chandigarh. The Rules have been issued after the prior release of Draft for comments.

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