Real Estate (Regulation and Development) Act, 2016 Overview

Why was the real estate sector largely under-regulated before the Real Estate Act of 2016?

Lack of adequate buyer protection and absence of standardisation

What is the main role of the Real Estate (Regulation and Development) Act, 2016?

To standardize the real estate sector and enhance buyer protection

Why was there a need for regulating the real estate sector according to the text?

To address the absence of uniformity and lack of buyer protection

What was discussed in the 2009 conference of National Housing Development and Municipal Administration Ministers?

The need for affordable housing, land-use policies, and hovel free cities Signup and view all the answers

What type of body was needed to govern the real estate sector according to the text?

A comprehensive regulatory body Signup and view all the answers

What was identified as a constraint to the healthy and orderly growth of the real estate industry?

The absence of standardisation and lack of adequate buyer protection Signup and view all the answers

What is the main purpose of the Real Estate (Regulation and Development) Act, 2016?

To protect the rights and interests of consumers in the real estate sector Signup and view all the answers

When did the Real Estate (Regulation and Development) Act, 2016 come into effect?

1 May, 2016 Signup and view all the answers

Under the RERA Act, which projects are mandatory to register?

Projects of more than five hundred square metres Signup and view all the answers

What is the scope of applicability of the Real Estate (Regulation and Development) Act, 2016?

It applies to the whole of India except Jammu and Kashmir Signup and view all the answers

What does the Real Estate Project defined in the Act include?

Development of buildings consisting of apartments and land into plots for sale Signup and view all the answers

According to the RERA Act, what is the limit on advance fee for an apartment?

Ten per cent of the apartment value Signup and view all the answers

What action did the Union Cabinet take in December 2015 based on Rajya Sabha Committee recommendations?

Approved twenty substantial Amendments to the Real Estate (Regulation and Development) Bill Signup and view all the answers

Which ministry released the general rules of the Real Estate (Regulation and Development) Act, 2016 on 31st October 2016?

"Housing & Urban Poverty Alleviation Ministry" Signup and view all the answers

"Real Estate (Regulation and Development) Act, 2016" was legislated under which entries of the Indian Constitution?

"Entry 6 and Entry 7" Signup and view all the answers

"Real Estate (Regulation and Development) Act, 2016" applies to which types of properties?

"Residential or commercial properties" Signup and view all the answers