Rera 1
Rera 1
Rera 1
Real Estate
Sector
RERA-2016
“
RERA has strengthened the trust
between the customers and the
real estate developers”
- Prime Minister, Narendra Modi
(13 February 2019)
Chapters
1. Introduction................................................................................................ 01
2. Real Estate Sector: Issues before Reforms............................................. 03
3. Enactment of Real Estate (Regulation and Development)
Act, 2016 [RERA]........................................................................................ 07
• Genesis
• Key Provisions
4. Measures for Homebuyers....................................................................... 15
5. Before and After: A Paradigm Shift........................................................ 17
6. Heralding hope and positivity- A case study.......................................... 21
7. A new ERA- media glimpses..................................................................... 23
Introduction
Enactment of Real
Estate (Regulation
and Development)
Act, 2016 [RERA]
In view of various issues plaguing the harmonious
development of Real Estate sector and to protect
the interest of homebuyers, need for specific
legislation was being felt for a long time which
culminated in enactment of The Real Estate
(Regulation and Development) Act, 2016 [RERA].
Genesis of RERA:
A Concept Paper on legislation for regulation of
real estate was prepared in 2008. However, due
to various reasons it could not see the light of
the day. Thereafter in 2014, work on proposed
legislation recommenced with great fervor. After
detailed deliberations and consultations with all
7 Reforms in Real Estate Sector RERA-2016
stakeholders, The Real Estate (Regulation and
Development) Act, 2016 [RERA] was passed in
both the houses of parliament in March 2016.
Certain Sections of RERA were notified with
effect from 1 May, 2016 and remaining sections
from 1 May, 2017.
Key Provisions
• RERA was enacted to ensure regulation and
promotion of Real Estate Sector in an efficient,
transparent and accountable manner and
to protect the interest of homebuyers. This
transformative legislation seeks to address
vital issues of fair transactions, timely delivery
and quality construction through speedy
adjudication of disputes, thus empowering
the home buyers.
• Enactment of RERA marked the beginning of a
new era in Real Estate Sector and a step towards
reforming the sector, encouraging greater
transparency, citizen centricity, accountability,
and financial discipline.
• Establishment of Regulatory Authorities,
Adjudicating Officers and Appellate Tribunals
for speedy dispute resolution: To ensure
Measures for
Homebuyers
A new ERA-
Media glimpses