The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act came into force from 1 May 2016.
The Purpose of this Act is :
- To establish the Real Estate Regulatory Authority for regulation and promotion of the Real Estate sector.
- To ensure transparency in projects.
- To protect the interest of consumers in the Real Estate Sector and to establish an adjudicating mechanism for speedy dispute redressal.
- To provide proper information about the Builder.
- Provide recommendations to appropriate Government on in matters relating to the development & promotion of real estate sector.