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.
