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 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 from 1 May 2017.
States which have implemented and published the rules.
- Uttar Pradesh
- Madhya Pradesh
- Andhra Pradesh
The union territories are bound by the rules directly shared by the Central Government
However, as of now 16 states & UTs have not gone ahead with the implementation of RERA including Goa, Karnataka and others.
Impact of RERA
- Several mid to small size residential developers are pushed to partner with larger developers to execute their stalled projects
- Implementation of RERA will also cause a shortfall of new projects.
- Expedite delivery of ongoing projects