The Real Estate (Regulation and Development) Act, 2016 (RERA) seeks to protect the interests of home buyers and also boost investments in the real estate sector. The Rajya Sabha passed the RERA bill on March 10, 2016, followed by the Lok Sabha on March 15, 2016 and it came into force from May 1, 2016.
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The RERA 2013 act did not cover either “ongoing projects” or “commercial real estate”. Also, the minimum limit for registration of projects was so high that it excluded many projects from the coverage under law. These exclusions made the 2013 bill meaningless and harmful to the interests of home buyers.
The RERA 2016 act has fixed all the loopholes in the RERA act 2013. After a holistic review along with multiple stakeholder consultations both “ongoing projects” and “commercial projects” were included in the act. The minimum limit for registration of projects was reduced to cover more projects. It reduced evasion under law.
This Act has been formulated to provide an enhanced edge to the consumer who till date has been hassled by issues like delayed deliveries, ballooned budgets and extended EMIs. RERA act addressed the existing power gap in the real estate sector between buyers and promoters. It further empowered the consumers in the following ways-
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