Real Estate (Regulation and Development) Act, 2016 Overview
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Questions and Answers

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

  • Over-regulation by multiple regulatory bodies
  • Lack of interest from real estate developers
  • Excessive government interference
  • Lack of adequate buyer protection and absence of standardisation (correct)

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

  • To impose strict regulations on real estate developers
  • To provide a forum for real estate buyers to address their concerns
  • To promote real estate investments
  • To standardize the real estate sector and enhance buyer protection (correct)

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

  • To hinder the growth of the industry
  • To impose more taxes on real estate transactions
  • To limit the supply of housing and infrastructure
  • To address the absence of uniformity and lack of buyer protection (correct)

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

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

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

    <p>A comprehensive regulatory body</p> Signup and view all the answers

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

    <p>The absence of standardisation and lack of adequate buyer protection</p> Signup and view all the answers

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

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

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

    <p>1 May, 2016</p> Signup and view all the answers

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

    <p>Projects of more than five hundred square metres</p> Signup and view all the answers

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

    <p>It applies to the whole of India except Jammu and Kashmir</p> Signup and view all the answers

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

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

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

    <p>Ten per cent of the apartment value</p> Signup and view all the answers

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

    <p>Approved twenty substantial Amendments to the Real Estate (Regulation and Development) Bill</p> 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?

    <p>&quot;Housing &amp; Urban Poverty Alleviation Ministry&quot;</p> Signup and view all the answers

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

    <p>&quot;Entry 6 and Entry 7&quot;</p> Signup and view all the answers

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

    <p>&quot;Residential or commercial properties&quot;</p> Signup and view all the answers

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