What is the Rera and what benefit of Rera in Real estate :-
Rera full form in real estate :-
Rera Full form is Real Estate Regulatory Authority(RERA)
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes a Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into force on 1 May 2016 with 61 of 92 sections notified. The remaining provisions came into force on 1 May 2017. The Central and state governments are liable to notify the Rules under the Act within a statutory period of six months.
Real Estate (Regulation and Development) Act, 2016 Parliament of India
- An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.
Citation No. 16 of 2016 Passed by Parliament of India Passed 15 March 2016 Enacted 25 March 2016 Passed 10 March 2016 Assented to 25 March 2016 Commenced 1 May 2016 – 61 of 92 sections notified
1 May 2017 – Remaining 31 Sections notifiedLegislative history Bill titleReal Estate (Regulation and Development) Bill, 2016Bill citation XLVI-C of 2013 Bill published on14 August 2013 Introduced by Dr. Girija Vyas, Minister of Housing and Urban Poverty Alleviation