The Real Estate (Regulation and development) Act 2016 is an act passed with an intention to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the real estate regulatory authority and the adjudicating officer and for matters connected to it.
This act came into force from 01.05.2016, as per government notification, vide notification no. S.O. 1544(E), dated 26.04.2016 published in the Gazette of India, Extraordinary no. 990, dated 27.04.2016.
This act contains total 92 sections. This act provides for Registration of real estate projects and also for registration of real estate agents. It also states what are the functions and duties of promoters, rights and duties of allotees. The act also provides for establishment of Real Estate Regulatory authority, Central Advisory council and also for the Real estate Appellate Tribunal. The act also deals with Offences, Penalties and also adjudication of offences i.e., for non-registration of projects under the act, offences by companies, penalties and also power to adjudicate and compounding of offences. The act also provides for granting of loans for projects by Central or state governments and also for budgets accounts and auditing of accounts.
The act bars jurisdiction of civil court against any matters conferring jurisdiction under this act i.e., any matter which the authority or the adjudicating officer or the appellate tribunal is empowered by this act.
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