The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India, which seeks to protect house-buyers and boost investments in the real estate industry in India. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016.
The property investors whether in India or NRIs are in sheer grief because of the difficulties presented by the promoters and the brokers. There are numerous complaints against the property developers. There are many cases registered where we can find that a buyer is looking for a house for his family has to spend his time complaining against the builders. These complaints are related to late possession of apartments by the promoters, unreasonable fees, change of plans, etc.
Due to the countless complaints, the Real Estate Regulatory Authority Agency has taken matters into its own hands and formulated an agency. RERA has brought some landmark changes regarding the laws in the real estate sector of India. The wholehearted commitment of the government to maintaining a fair play in property business has come as a great relief for buyers. Aside from the buyers, the promoters and the real estate brokers who go by the government standards, but have to suffer from the spread of bad word against them because of some ill practices by some builders and real agents, will also feel happy and relieved.
It is very necessary that these three bodies work in tandem and help each other since the real estate sector of any country has its right arm in its economy. Apart from notifying the promoters about the new guidelines, they must follow and their functions to maintain a just way of buying and selling a home.
Also, the establishment of RERA with those of the Central Advisory Council and the Real Estate Appellate Tribunal will work to improve the real estate market of India, bringing back buyer confidence and punishing the promoters and real estate agents who work unethically.