What is RERA ?
Friends if you look last 30 year back there is no much builder concept. If a person has money he can build his home after arrange mistri and labour but now builder concept emerged and if you do not have money they can build your house after take one or two flat.
After builder come in the market there emerged lot of problem like
- Delay in project
- Fraud builder can sale one flat to 10 buyer through fraud
- Encroachment on street if chaja wall allow 2 feet outside boundary they built 3 or 4 feet outside home boundary
The Real Estate (Regulation and Development) Act, 2016
The Real Estate (Regulation and Development) Act, 2016 is passed by parliament of India in both house ( Lok sabha and Rajya sabha) . The Act come into force Ist, May 2016
This Act protect interest of home buyers and help to boost investment in real estate industry.
Registration under this act is state wise.
The Real Estate Act is intended to achieve the following objectives
1.Ensure responsibility towards allottees and protect their interest.
2.Infuse transparency, ensure fair play reduce frauds and unnecessary delays.
- Introduce professionalism and pan India standardization.
- Establish symmetry of information between the developers and buyers.
- Imposing certain responsibilities on both builders and investors
- Establish a regulatory oversight mechanism to enforce contracts
- Promote reliable governor in the sector which in turn would create investor confidence.
What is meaning of rera Act. ?
The Real Estate (Regulation and Development) Act, 2016