RERA - Real Estate (Regulation and Development) Act, 2016 - has arrived!


The real estate sector is set for a new age as RERA is rolled out. But implementation remains the key across States.,,

Real Estate (Regulation and Development) Act, 2016

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  1. Real Estate turns a new leaf : The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers & boost investments in the real estate sector. The bill was passed by the Rajya Sabha & Lok Sabha on 10 March and 15 March 2016 respectively. The Real Estate Regulatory Act (RERA) comes into force from May 1, 2017. So far, only 15 states and UTs have notified the rules, & others are expected to follow suit soon.
  2. A long road to law : The RERA Bill was introduced by the UPA government in 2013. The Bill was examined by a Standing Committee as well as a Select Committee. The Select committee submitted its report in July 2015, and in December, the Union cabinet approved 20 major amendments. All the 92 sections of the Act came into force from May 1, 2017. You can download the Act, and the Committee reports from Bodhi Resources page.
  3. Transparency is the watchword : To provide greater transparency, efficiency and accountability in project marketing and execution, the real Estate Act makes it mandatory for all commercial and residential projects with land over 500 sq meters or eight apartments to register with the Real Estate Regulatory Authority. Ongoing projects will have to get registered within 3 months. Failure to get registered will attract a penalty of up to 10% of the project cost or a three-year imprisonment. The Act defines the rights and obligations of both the developers and the buyers.
  4. Video analysis of this topic : You can view it here
  5. Black money’s heaven no more : To prohibit unaccounted money from being pumped into real estate projects (real estate sector is the largest source of use of unaccounted money), 70% of the project money will have to be deposited in escrow accounts through cheques. Builders will have to quote prices based on carpet area not super built-up area. Carpet area has been clearly defined in the Act to include usable spaces like kitchens and toilets. All developers are required to disclose their project details on the regulator's website, and provide quarterly updates on construction progress.
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  7. HUPA in the act : The Act will be enforced by the Ministry of Housing and Urban Poverty Alleviation (HUPA). The ministry released the Real Estate (Regulation and Development) (General) Rules, 2016 for five Union Territories on October 31, 2016. Any structural or workmanship defects brought to the notice of the promoters within a period of five years from the date of handing over possession must be rectified by the promoters within 30 days, without any additional charge.
  8. RERA Tribunals and Appellate Tribunals : Chapter VII & Section 43 of the RERA mandates creation of Real Estate Appellate Tribunals (with one or more benches) by States and UTs.  Government of two or more States or Union territories may, if it deems fit, establish one single Appellate Tribunal.  Every bench of the Tribunal shall consist of at least one Judicial Member and one Administrative or Technical Member.
  9. A huge sector, with huge problems! The Indian real estate sector involves over 76,000 companies across the country. Some of the largest real estate players in India include Delhi Land and Finance Ltd. (DLF), Oberoi Realty, Prestige Group, Godrej Properties, HDIL, Indiabulls Real, Omaxe, Sahara etc. The main real estate industry bodies in India are CREDAI and NAREDCO. The Competition Commission of India (CCI) had imposed a penalty of Rs. 630 crore on India’s largest real estate company, DLF, on August 12, 2011 for abusing dominant market position.
  10. You can purchase the original bilingual content PDF of this (English + Hindi) - click here!
  11. Do check out exams-focussed Confidence and Vocabulary Booster series of learning resources, here
  12. Download Resources : PDFs on RERA are available on Bodhi Resources page here. And, here are some facts and images to help the case better.,,

FDI in housing and construction sector,,,,,,

Real estate jargon,,

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Bodhi Saar: RERA - Real Estate (Regulation and Development) Act, 2016 - has arrived!
RERA - Real Estate (Regulation and Development) Act, 2016 - has arrived!
The real estate sector is set for a new age as RERA is rolled out. But implementation remains the key across States.
Bodhi Saar
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