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SALIENT FEATURES OF THE REAL ESTATE ACT, 2016 ARE AS UNDER:

 
COMPETITION LAW
LAW RELATING TO START UPS
FOOD LAWS
INFORMATION TECHNOLOGY LAW
REAL ESTATE LAW
Salient features of the Real Estate Act, 2016
Notable case laws
Complaints filed under the Consumer Protection Act, 1986
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GAMBLING LAWS
 
  • The Act establishes the state-level Real Estate Regulatory Authority for the regulation and promotion of the real estate sector, under Section 20;
  • The Act mandates prior registration of a project with the Real Estate Regulatory Authority and under Section 3(1) provides that prior to registration no promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building in any real estate project registering the real estate project with the Authority;
  • The Act additionally provides for the registration of real estate agents by the Real Estate Regulatory Authority under Section 34(a);
  • The Act lays down the functions and duties of promoters under Section 4, and under Section 5 it provides that once registration is applied for, RERA is given a time period of 30 days to either approve upon registration, the promoter shall be provided with a Log-in and password to access the website of the authority, and shall create his web page on the website and enter the details of proposed project;
  • Under Section 4(2)(l)(D), it makes mandatory upon the promoters to deposit fund amounting to 70 per cent to cover the construction cost of the project in a separate bank account to be maintained at a scheduled bank, to prohibit unaccounted money from being pumped in and out of the sector to the detriment of the consumer.
  • The Act provides, under Section 4(2)(d), that project shall be developed by the promoter in accordance with the sanctioned plans, layout plans and specifications as approved by the competent authorities;
  • Under Section 15(1), promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third allottees;
  • Under Section 19, the Act provides for the rights and duties of allottees, like allottee shall be entitled to know stage-wise time schedule of completion of the project, right to claim the refund of amount paid along with interest and compensation in the manner as provided under the Act;
  • Under Section 38(1), the Act provides for penalties and offences in case of violations of laws by the promoters, allottees and the real estate agents.

Would the law cover flats already sold?

The Indian Daily, Times of India in this regard reports that the Housing Minister of India, M. Venkaiah Naidu while addressing the Rajya Sabha stated that the Ministry would consider bringing the flat already sold within the purview of proposed law as numerous buyers were aggrieved by the delayed delivery of projects.

For more information on Real Estate Law in India please write to us at: info@ssrana.com

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