Real Estate Meaning
According to Black’s Law Dictionary, ‘Real Estate’ includes land and anything fixed, immovable, or permanently attached to it such as buildings, walls, fixtures, improvements, roads, trees, shrubs, fences, roads, sewers, structures, and utility systems.
The laws governing the sector in India is the Real Estate (Regulation and Development) Act, 2016. It is as new legislation and was enacted on March 26, 2016.
Before the passage of the new act, the sector lacked a clear regulatory oversight. Previously, the sector was governed by The Indian Contract Act, Competition Act, Consumer Protection Act and other such laws.
An important point to be noted here is that as such the Act is not retrospective in nature per se but ongoing projects for which completion certificate has not been issued shall be registered with Real Estate Regulatory Authority within 3 months from the date of commencement of the Act.
Objectives of the Real Estate (Regulation and Development) Act, 2016
The Act aims to effectively regulate the real estate sector by bringing in reform and clarity for both buyers and sellers. With the noble end of increasing transparency & accountability in the sector, it aims to establish the Real Estate Regulatory Authority to ensure sale of plot, apartment or building in an efficient manner.
Authority under the Act
There are two authorities that have to be formed under this act namely;
- Real Estate Regulatory Authority
- Real Estate Appellate Authority
Both the authorities have to be formed within a year of the commencement of the Regulatory Authority.
Appeal under the Act
The orders passed by the Regulatory Authority are appealable to the Appellate Authority known as Real Estate Appellate Authority within 60 days of passing of the order. Further, the Act provides scope for an appeal to the High Court within 60 days by virtue of Section 58 of the Act if the concerned person is aggrieved by the decision of the Appellate Authority. Such an appeal will only lie if the decision has not been made with the consent of both the parties.
The following can appeal against the order of the Regulatory Authority:
- Appropriate Government
- Any Competent authority
- Any aggrieved person
For more information on RERA Act and complaints under RERA act please write to us at email@example.com or submit a query.
Read more about the regulations related to Real Estate Sector in India by clicking on the link below: