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REAL ESTATE ACT, 2016
The Real Estate (Regulation and Development) Act, of 2016 paves the way for empowering all stakeholders engaged in the business and consumption of Real Estate, be it consumers, Real Estate Developers, and Real Estate agents amongst others. All commercial and residential real estate including plots, apartments, shops, offices, and other such properties are covered under the Act. While consumer interest seems to have been finally addressed by the adoption of the Act, it can’t be ignored that the Government has codified best practices for the first time in this sector and these will go a long way in defining growth from here on.
The Real Estate (Regulations and Development) Act, 2016, and the rules formulated by the State Governments have set up a much-needed framework that will not only empower the consumer but also make the industry more competitive and organized.
A person who has booked/agreed to purchase for a consideration plot(s), apartment(s), or building(s) from a Real Estate Developer.
A person who develops and/or constructs building(s) or a township consisting of residential apartments and/or commercial complexes on an independently or jointly-owned land, which is partially or completely sold to the consumers. However, a consumer does not include a consumer who has bought goods or who has availed services for commercial purposes.
A Real Estate project undertaken by a real estate developer comprising of apartment(s), unit(s), building(s), wing(s), plot(s) for residential or commercial purposes or both with certain amenities and facilities for the use of the purchaser as specified in their agreement for sale.
A Real Estate agent commonly referred to as a broker or channel partner or property dealer, is a person who is registered with the RERA authorities and the real estate developer. Such Real Estate Agent facilitates the sale or purchase, or acts on behalf of any person to facilitate the sale or purchase of any plot, apartment, unit, or building, as the case may be, in a registered real estate project and receives remuneration/fees/ any other charges as commission/brokerage from the real estate developer.
A single apartment, shop, or office is a part of a building or township being developed.
This means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or veranda areas, and exclusive open terrace areas, but includes the area covered by the internal partition walls of the apartment.
