RERA Act : An Introduction

The real-estate sector was one of the major sectors where there was high growth but was largely unorganized and unregulated from the prospective of the consumer as well as the Promoter, though consumer protection laws are available, the recourse available therein are only curative, but not preventive. This has affected the overall potential growth of the Sector due to absence of professionalism and standardization. To ensure the objective of protection of the interest of the consumers/ allottees and for infusing transparency and fair-play, reducing fraud and delays, introducing pan India standardization, establishing symmetry of information between the Promoter and the allorttee, imposing certain responsibilities on both promoters and allorttees as well as to establish a regulatory oversight mechanism  to enforce contract the Government of India was in the process of drafting a bill to regulate the Real-Estate market Pan-India.

The process of drafting the bill started as early as in the year 2013 and finally after a lot of amendments finally “The Real Estate (Regulation and Development) Bill was passed by the Rajya Sabha on 10^th March, 2016 and the Lok Sabha on 15^th March,2016. The Bill as passed by the Parliament was assented to by the Hon’ble President on 25^th March, 2016. The Act assented to by the Hon’ble President was published in the Official Gazette on the 26^th of March, 2016 for public information.

SUBHRO KANTI ROY CHOWDHURY,

ADVOCATE

HIGH COURT AT CALCUTTA,

PH: 9831581182/9432371406