Explanation:

The administration of the Real Estate (Regulation and Development) Act, 2016 has been brought under the Ministry of Housing & Urban Poverty Alleviation.

Important provisions of Real Estate (Regulation and Development) Act, 2016 (RERA)

• It regulates the transactions between buyers and real estate promoters through establishment of Real Estate Regulatory Authorities in every state.
•  The authority will also have power to impose fines.
•  It mandates to establish a Real Estate Appellate Tribunal.
•  It will regulate both commercial and residential projects and set up state-level regulatory authorities to monitor real estate activity.
•  The builders would also be responsible for fixing structural defects for five years after transferring the property to a buyer.
•  The Real Estate Residential Projects need to be registered with RERAs before being offered for sale or booking and the further promotional advertisements need to carry the unique RERA registration number.
• The details of all the registered projects also need to be then uploaded on website for public access.
•  The promoters also need to maintain a separate bank account in which minimum of 70% of the money from investors and buyers will be deposited.
•  The regulator’s website should have the necessary public disclosure of details related to each project
•  A clear definition of carpet area and buyers will be charged for the carpet area and not super built-up area.