The present enactment The Real Estate (Regulation and Development) Act, being the Act no. 16 of 2016 of the Parliament of India, was enacted in the 67th year of Republic of India and it was given assent by the President of India on 25th day of March, 2016. The main purpose and object for which it was enacted, is to establish the Real Estate Regulatory Authority to regulate and promote the real estate sector and also to ensure the plot, apartment, building selling or selling of real estate project in efficient or transparent manner. Also, it is protecting consumers’ interests in the real estate sector and also it is establishing an adjudicating mechanism for dispute redressal in speedy manner and also establishing the appellate authority for hearing appeals.
The provisions under this Act are divided into ten important chapters, out of which the first chapter is dealing with the introductory/ preliminary provisions. the enactment is having applicability to the whole of India, however, State of Jammu and Kashmir is exempted.
In the main provisions of this newly enacted law, the section 3 of the Act is requiring the mandatory prior registration of the real estate project with the Real Estate Authority, and the establishment, composition, etc. of such authorities are provided under fifth chapter of this Act. Besides, entire process as to registration, starting from the making of application till the revocation of the registration are specifically provided under the second chapter in this Act. The third chapter here is providing for the functions and duties of the promoter. Moreover, Online methods are being involved in this process, under this Act. From making of an offer till the registration of the sale deed, the process is specified in this chapter. Similarly, the fourth chapter is dealing with the rights and duties of the allottees in this Act.
The next chapter as already stated above is dealing with the Real Estate Authority and with all aforementioned functions of registration, the said authority is also responsible to hear the complaints by any aggrieved person under this Act. Section 33 and 34 are specifically dealing with the functions of the said authority, besides its powers are also given under subsequent provisions. Act also provides for the establishment of the Central Advisory Council and its functions. And the eighth chapter is providing for the offences and penalties under this Act. The penalties are provided in the form of imprisonment and fine, and such find would receivable in the percentage form of the cost of project. As such besides all such important provisions, this Act is also providing for the other provisions and powers and authorities of the appropriate governments, in this connection.
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