Compiled by Rochelle Dsouza Photos: Various sources
May 1 marked the commencement of the much-awaited Real Estate (Regulation and Development) Act (RERA) that is expected to usher in an urban renaissance in India. There is a certain palpable sense of excitement among all the stakeholders as 2016 ended on a dismal note for the real estate sector, thanks to demonetisation.
The Real Estate Regulation (and Development) Act of 2016 was put into place to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector> The act also aims to ensure sale of plot, apartment of building, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector as well as to establish an adjudicating mechanism for speedy dispute redressal. Once in place, RERA will ensure the establishment ofan Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority.