AN INTRODUCTION OF RERA
In the urge to protect the interest of the homebuyers and to provide a boost to the real estate industry the Parliament of India strides towards its way by enacting the Real Estate Regulation and Development Act 2016 (RERA). The act provides for the establishment of authorities with a view to balancing the state and the center. And vesting them with relevant powers to carry out the functions.
On the 10th of March 2016, Rajya Sabha passed the bill. And, the effect of which was that it insisted Lok Sabha pass the same just after 5 days i.e. 15th March, and giving the same effect from May 1, 2016.
RERA IN HARYANA
This quick process leads the Haryana state government to establish in name of the Haryana real estate regulation and development rules 2017 regarding RERA 2016 and; giving effect to 420 registered projects with 1398 registered agents in the purview of the same.
INTENTION OF THE ENACTMENT
The main concern for the enactment of RERA was that before the enactment of any major law regarding real estate, there was much serious concern from the point of view of the home buyers that real estate transactions were lopsided and heavily in favor of developers and the intent of the legislature behind creating such act was to create fairer and justified transaction between the seller and the buyer of the property
It will affect positively by creating a unified legal regime for the purchase of flats, property, etc. And, it will also create a standardized practice all over the nation.
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