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REAL ESTATE REGULATION ACT, 2016 |
The Real Estate (Regulation and Development) Act, 2016 came into full force on 1st May, 2017 and the Act is extended to the whole of India (except the State of Jammu and Kashmir). The objective and purpose of the Act is to protect large number of aspiring consumers while at the same time enhancing the credibility of construction industry by promoting transparency, accountability and efficiency in execution of the projects. In addition, the path breaking legislation is aimed at promotion of the Real Estate sector.
The Act intends to regulate the activities of Promoters, Developers, Real Estate Agents etc. which erstwhile remained as primarily unregulated. The Act establishes a promising Dispute Settlement Mechanism as it lays foundation for Regulatory Authority, Appellate Tribunal in order to address the issue of immeasurable consumer disputes, and often unaddressed Promoters/Developers concerns. The Act requires every State and Union Territory to establish the Regulatory Authority and further make rules as the States/ UTs may deem fit.
Our Team at Justitia Law Offices provides solution-oriented services and consultancy in diverse legal field including real estate sector. The Firm’s Real Estate Team provides complete services including documentation and registration of real estate project, registration of the Real Estate Agents and support the needs of clients across the real estate value chain. In addition to the services to the Real Estate Organizations our team also provides end to end service to the buyers and prospective buyers and developers/ promoters in addressing their issues and grievances under the RERA Acts and Rules across the country.
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