Legal
RERA (The Real Estate Regulation and Development Act, 2016) is India’s first Act to give real estate regulation and laws. The Parliament of India has passed the act last year i.e. 2016 and 1st May 2017 was given to Union Ministry of Housing and Urban Poverty Alleviation for the implementation of this Act. This Act formulates and notifies the rules to the regulate, directly or indirectly, for the proper functioning of the real estate sector. The basic motive of introducing RERA Act is to bring fair practices with the clarity to the buyers about their rights and interest and heavy penalties will be imposed on builders if they try to exercise unfair practice or infringe the buyer’s rights and interests.
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about 6 years ago