Real Estate (Regulation and Development) Act, 2016 comes into force
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.
Key provisions of Acts
- 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.