Every thing About Real Estate (Regulation and Development) Act, 2016 AKA - RERA
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry.
The Act establishes a Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016.
The Act came into force on 1 May 2016 with 61 of 92 sections notified. The remaining provisions 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 six months.
The Real Estate Regulatory Authority (RERA) Bill was introduced in 2013. In December 2015, the Union Cabinet of India had approved 20 major amendments to the bill based on the recommendations of a Rajya Sabha committee that examined the bill. The Bill had been referred to a selection committee, which had given its report in July 2015. However, Congress, Left and AIADMK had expressed their reservations on the report through dissent notes. The Rajya Sabha approved the bill on 10 March 2016 and the Lok Sabha approved it on 15 March 2016.
Subsequently, by the powers vested by Section 1 of the Rera Act, the Ministry of Housing and Urban Poverty Alleviation vide Notification S.O. 1544(E) dated 26.04.2016 notified 61 Sections out of 92 Sections on 1 May 2016 and vide Notification S.O. 1216(E) dated 19.04.2017 notified the remaining 31 Sections.
The Rera Act 2016 has been divided into 10 Chapters, which is further categorised into 92 Sections.
The Act starts with the Preamble, provides title, extent and commencement, registration of real estate projects and real estate agents, functions and duties of promoter, rights and duties of allottees, about Real Estate Regulatory Authority, Central Advisory Council, Real Estate Appellate Tribunal, various offences, penalties, and adjudication, about finances, accounts, audits, and reports and other miscellaneous provisions.
Below is the outline of the Rera Act 2016 in tabular form-
|Chapter No.||Title of the Chapter||Sections Covered|
|I||Preliminary||1 and 2|
|II||Registration of Real Estate Project and Real Estate Agents||3 to 10|
|III||Function and Duties of Promoter||11 to 18|
|IV||Rights and Duties of Allottees||19|
|V||The Real Estate Regulatory Authority||20 to 40|
|VI||Central Advisory Council||41 and 42|
|VII||The Real Estate Appellate Tribunal||43 to 58|
|VIII||Offences, Penalties and Adjudication||59 to 72|
|IX||Finance, Accounts, Audit and Reports||73 to 78|
|X||Miscellaneous||79 to 92|