The Real Estate (Regulation and Development) Act, 2016 came into force on 1 May 2016.
- In this regard, Union Ministry of Housing and Urban Poverty Alleviation (HUPA) had notified 69 of the total 92 sections of the Act to bring it into force from 1 May 2016.
About the Act :
- Sets up in motion the process of making necessary operational rules and creation of institutional infrastructure for protecting the interests of consumers.
- Promotes the growth of real estate sector in an environment of trust, confidence, credible transactions and efficient and time bound execution of projects.
- Real Estate Regulatory Authority will be formulated within one year as per the mandate of Act.
- Regulatory Authorities will have to dispose of complaints in 60 days and Appellate Tribunals will be required to adjudicate cases in 60 days.
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