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What Is RERA ACT?
The Real Estate (Regulation and Development) Act, 2016 is an Act of the 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 or 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.
This Appellate Tribunal also hears 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.
Why Is It Extremely Important To For Property Buyers To Understand The ACT?
As always with anything in business, it’s a safe & disciplined practice to understand what contract you are getting into by signing a piece of document & how does the contract benefit you in case of adversities/breach of contract. Please be mindful that contracts are designed to protect your interests & makes you stronger to fight in case of breaches, but when you don’t understand the importance of it – it will just be a peace of legal agreement & with neither party knowing how to exercise the benefits of the contract.
Below is a quick course which is designed to help you understand the meaning behind the terms used in the contract & empowers you to think better & exercise your right when it matters. Please note, all definitions of terms given here are as per RERA Document released by Government Of India.