Key-Points<\/strong><\/h2>\n\n\n\nReal Estate (Regulation and Development) Act took effect in May 2016 to regulate and promote the real estate sector.<\/p>\n\n\n\n
It aims to bring about transparency and efficiency in an opaque industry and has a mandate to protect consumer interest, including establishing a speedy redressal system.<\/p>\n\n\n\n
The idea behind Rera was to create a legal framework for the fair and transparent functioning of the industry. Earlier, the realty sector functioned in a legal vacuum.<\/p>\n\n\n\n
Before Rera, most builders took buyers for granted, swindled funds in different projects thus leading to delayed delivery across several cities.<\/p>\n\n\n\n
In the two years, the number of new launches has come down because there is greater pressure on developers to be transparent about the use of money.<\/p>\n\n\n\n
Salient Provisions:<\/strong><\/p>\n\n\n\nThe Act is applicable all over India, except J&K. It applies to all under-construction projects with a plot size above 500 sq. m or projects with 8 apartments or more;<\/p>\n\n\n\n
Each state has to set up its own regulator, keeping the central law as the framework;<\/p>\n\n\n\n
Real estate agents must be registered with the authority before executing any transaction;<\/p>\n\n\n\n
Developers cannot advertise, market, book, sell or invite persons to purchase a plot, apartment or building without registering the project with the regulator;<\/p>\n\n\n\n
The project can be cancelled if rules are not regularly followed;<\/p>\n\n\n\n
Developers are accountable for after-sale services; The developer is liable to rectify structural damages for five years.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a first, the Haryana Real Estate Regulatory Authority (HRERA) has approved a maximum one per cent brokerage on sale or purchase of property in the state. Daily Current Affairs Quiz 2020 Key-Points Real Estate (Regulation and Development) Act took effect in May 2016 to regulate and promote the real estate sector. It aims to […]<\/p>\n","protected":false},"author":404,"featured_media":33055,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1329],"tags":[1169],"offerexpiration":[],"class_list":["post-33054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-november-2020","tag-haryana-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/33054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/404"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=33054"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/33054\/revisions"}],"predecessor-version":[{"id":33056,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/33054\/revisions\/33056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/33055"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=33054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=33054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=33054"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=33054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}