Rera act in real estate
RERA ACT is Real Estate
RERA ACT is Real Estate (Regulation and Development) Act, 2016 by the Parliament of India. The RERA act is established to protect home-buyers as well as help boost investments in the real estate industry, helping builders. It is expected to be the biggest reform in the sector.
Real Estate Regulatory Authority (RERA) Bill was introduced by the Indian National Congress government in 2013 and was passed by the Rajya Sabha on 10th March 2016 and by the Lok Sabha on 15th March 2016. The Act came into force on 1 May 2016 with 69 of 92 sections notified. The Central as well as State governments are liable to notify the Rules under the Act within a statutory time period of six months.