Government of India has enacted the Real Estate (Regulation and Development) Act 2016. All the sections of the Act shall come into force with effect from May 1, 2017. The key objectives of the Act are:
- Ensuring Transparency & Efficiency in real estate sector in regards to sale of plot, apartment, building
- Protecting the interest of consumers in real estate sector
- Establishing adjudicating mechanism for speedy dispute redressal
- Establishing Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory