All State/ Union Territories for prepare Rules and set up Real Estate Regulatory Authority (RERA) with the sole motto to regularize the real estate sector.
At one place, where the Act specifies the details rules and regulation for proper registration and transparency, the Act also prescribes penalty for different kind of offenses.
As per section 3 of The Real Estate (Regulation and Development) Act, 2016 (here-in-after referred as RERA), which has come into force from 1st May, 2016 and has been notified to be commenced w.e.f. from 1st May 2017.
From 1st May 2017, every promoter shall register the real estate project before its advertisement of any plot or apartment or building.
Builders are already saddled with under construction projects and will face tough times in bringing them under RERA, complying with new norms, arranging funds that they would have already diverted and then completing those within the new agreed time period.
The government has described the implementation of the consumer-centric Act as the beginning of an era where the consumer is a king.