Real Estate Act Come Into Effect From 1 May 2017

5/02/2017

  • The Real Estate (Regulation and Development) Act, 2016 (RERA) will finally give India’s real estate sector its first regulator from May 1, 2017.
  • However, only 13 states and Union Territories (UTs) have so far notified rules.
  • The act was passed by parliament last year and the Union Ministry of Housing and Urban Poverty Alleviation had given time till May 1, 2017, to formulate and notify rules for the functioning of the regulator.
  • RERA seeks to bring clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders.
Points to Remember 

  • The Real Estate (Regulation and Development) Act, 2016, was passed by Parliament in March 2016.
  • States were given a year to set up this framework — namely, the Regulatory Authority and the Appellate Tribunal. From May 1, 2017, the Act has come into force in its entirety.
  •  At the level of the state, the Regulatory Authority and Appellate Tribunal must dispose of cases within 60 days. Appeals to the High court can be made within 60 days. 

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