It was passed in 2016 with the objective of ensuring regulation and promotion of real estate sector in an efficient and transparent manner and to protect the interest of home buyers.
The core features of the act are as following –
It regulates transactions between buyers and promoters of real estate projects.
It provides for establishment of state level regulatory authorities called Real Estate Regulatory Authorities (RERAs).
Real estate projects need to be registered with RERAs. Promoters cannot book or offer these projects for sale without registering them. Real estate agents dealing in these projects also need to register with RERAs.
