The Real Estate (Regulation and Development) Act, 2016 is rules of the Parliament of India which follow to protect home-buyers as well as help advance investments in the real estate industry. The Act establishes Real Estate Regulatory Authority (RERA) in each state for rules of the Real Estate sector and also acts as formally judge body for quick argument redressal. The bill was run by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into place on 1 May 2016 with 59 of 92 sections notified. Remaining acts came into force on 1 May 2017. The Central and state governments are liable to notify the Rules under the Act within a statutory period of 6 months.
For long, home buyers have concerned that real estate transactions were leaning and heavily in favour of the developers. RERA and the government’s model code, aim to create a more balanced and fair transaction between the seller and the buyer of properties, especially in the primary market.