REAL ESTATE (REGULATION AND
DEVELOPMENT) ACT, 2016
SEMINAR ON
By : CA RAMESH S. PRABHU
Chairman, Maharashtra Societies
Welfare Association ,
President: Affordable Housing
Welfare Organisation of India
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The real estate (regulation & development) act, 2016 is a landmark legislation in india that aims to bring transparency and accountability to the real estate sector. The act establishes a real estate regulatory authority (rera) in each state to oversee the development and sale of real estate projects. It mandates the registration of all real estate projects and real estate agents, and imposes strict obligations on developers to adhere to approved plans, disclose project details, and refund monies in case of default. The act also empowers allottees (buyers) to make necessary payments and imposes penalties for non-compliance. A comprehensive overview of the salient features of the act, including definitions, registration requirements, obligations of promoters and allottees, and the powers and functions of the regulatory authority. It serves as a valuable resource for understanding the regulatory framework governing the real estate industry in india.
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REAL ESTATE (REGULATION AND
DEVELOPMENT) ACT, 2016
SEMINAR ON
By : CA RAMESH S. PRABHU Chairman, Maharashtra Societies Welfare Association , President: Affordable Housing Welfare Organisation of India
Complete Regulations and Development ofComplete Regulations and Development of
Real Estates in India Real Estates in India
- (^) To restore the confidence of the general public in the Real Estate Sector
- (^) Enforce Fair practice and accountability
- (^) To bring transparency and fairness in transactions
- (^) To reduce frauds and delays significantly
- (^) To establish mechanism to enforce disclosure
- (^) To provide adjudication machinery for speedy dispute redressal.
Complete Regulations and Development ofComplete Regulations and Development of
Real Estates in India Real Estates in India
- (^) To establish a Real Estate Regulatory Authority
- (^) To Establish an Real Estate Appellate Tribunal
- (^) to promote regulated and orderly growth through efficiency, professionalism and standardization.
- (^) To ensure consumer protection, without adding another stage in the procedure for sanctions.
- (^) To Protect all the stakeholders.
The salient features of the Real Estate
(Regulation & Development) Act, 2016
- (^) Establishment of a ‘Real Estate Regulatory
Authority’ (RERA) in each State by the
Appropriate Government (Centre for the UTs and
State Governments in the case of the States), with
specified functions, powers, and responsibilities to
facilitate the orderly and planned growth of the
sector;
- (^) Mandatory registration of Real Estate Projects and
Real Estate Agents with the Real Estate
Regulatory Authority as a system of accreditation;
The salient features of the Real Estate
(Regulation & Development) Act are
- (^) Provision to compulsorily deposit of 70% portion of
funds received from the allottees in a separate bank
account, to be used for that real estate project only;
- (^) The Authority to act as the nodal agency to co-
ordinate efforts regarding development of the real
estate sector and render necessary advice to the
appropriate Government to ensure the growth and
promotion of a transparent, efficient and competitive
real estate sector; as also establish dispute resolution
mechanisms for settling disputes between promoters
and allottees/ buyers;
The salient features of the Real Estate
(Regulation & Development) Act, 2016 are
- (^) Authorities to comprise of one Chairperson and
not less than two members having adequate
knowledge and experience of the sector;
- (^) Establishment of a ‘Real Estate Appellate
Tribunal’ by the Appropriate Government to hear
appeals from the orders of the Authority and to
adjudicate on disputes. Tribunal to have one
Judicial member and another could be technical or
Administrative member.
CONSTITUTIONAL FRAMEWORK
- (^) Part XI of the Indian constitution defines
the power distribution between the federal
government (the Centre) and the States in
India.
- (^) This part is divided between legislative and
administrative powers. The legislative
section is divided into three lists: Union list,
States list and Concurrent list
Constitutional Framework-Sch VII-(Article 246)
Union List-I-100 State List-II-66 Concurrent List-III-
- (^) arms and ammunition, atomic energy,
- (^) foreign affairs,
- (^) war and peace,
- (^) citizenship,
- extradition,
- (^) Railways, shipping and - (^) administration of justice, - (^) prisons, - (^) local government, - (^) public health and sanitation, - (^) agriculture, animalhusbandry - (^) water supplies - (6.)Ttransfer of property other than agricultural land, - (^) (7) Contracts, including partnership, agency, contracts of carriage, and other special forms of contracts, but not including contracts relating to agricultural land 14 The constant blurring of Legislation Making jurisdiction between the Centre & the States has necessitated multiple Constitutional challenges
THE REAL ESTATE (REGULATION &
DEVELOPMENT) Act, 2016
- (^) Consists of 92 sections
- (^) X Chapters
- (^) To have Uniform regulations for
construction activities all over India
- Rules to be framed by Approp. Govt
- (^) Regulations to be issued by RERA
- (^) Notifications from time to time.
CHAPTER-
Sec. 1. SHORT TITLE, EXTENT AND COMMENCEMENT.
- (1) This Act may be called the Real Estate (Regulation and Development) Act, 2016. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3)It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:
- Definitions :
SEC. 2 DEFINITIONS (c) "agreement for sale" means an agreement entered into between the promoter and the allottee; (d) "allottee" in relation to a real estate project, means the person to whom a plot, apartment or buildings, as the case may be, has been allotted, sold (whether as freehold or leasehold) or otherwise transferred by the promoter, and includes the person who subsequently acquires the said allotment through sale, transfer or otherwise but does not include a person to whom such plot, apartment or buildings, as the case may be, is given on rent;
SEC. 2 DEFINITIONS (e) "apartment" whether called block, chamber, dwelling unit, flat, office, show room, shop, godown, premises, suit, tenement, unit or by any other name, means a separate and self-contained part of any immovable property, including one or more rooms or enclosed spaces, located on one or more floors or any part thereof, in a building or on a plot of land, used or intended to be used for any residential or commercial use such as residence, office, shop showroom or godown or for carrying on any business, occupation, profession or trade or for any other type of use ancillary to the purpose specified;