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Real Estate Regulatory Act (rera) And Its Rules In Telangana
Until RERA (The Real Estate Regulation Act, 2016) came into force, the real estate sector was largely unregulated where the grievances of the buyer and seller were addressed in the consumer courts.
Lack of regulation made investing in real estate unpopular among people. The real estate industry needed a regulator who can frame rules, regulate transactions, and bring in more transparency to the sector. RERA is the answer to all the needs of buyers and sellers.
To summarise, the need for regulating the real estate sector are:
To standardise all real estate transactions.
To bring in more transparency.
To set up a grievance redressal forum.
To protect the interests of consumers, builders, intermediaries, and so on.
Let's look at the brief history of how RERA was enacted.
In January 2009, a law to regulate the real estate sector was proposed by the National Conference of Ministers of Housing, Urban Development and Municipal Affairs of State and Union Territories (UT).
The Real Estate Bill, 2013 was first introduced in Rajya Sabha in June 2013. After revision based on changes ...
... recommended by the Standing Committee, the Real Estate Bill, 2015 was passed by Rajya Sabha, Lok Sabha, and approved by the President of India in March 2016.
So, why are we writing about RERA? RERA is one of the most important regulations in the real estate sector, and we are writing a blog series simplifying RERA.
What is RERA?
RERA is The Real Estate (Regulation and Development) Act, 2016.
What is the aim of RERA?
RERA aims to regulate and promote the real estate sector by
Ensuring sale of the plot, apartment or building in an efficient and transparent manner.
Protect the interest of consumers in the real estate sector.
Establish an adjudicating mechanism for speedy dispute redressal.
Establish Appellate Tribunals to hear appeals.
More info @ https://propertyadviser.in/news/real-estate/rera-act-in-telangana-hyderabad-332
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