The prolonging and dire need for discipline and transparency in the real estate sector was finally heeded to and The Real Estate (Regulation & Development) Act, known as "RERA" (hereinafter "RERA" or "the Act") was brought into effect on 1st May 2016. The Authority under the Act ("Authority") has been established as a watchdog to regulate the sector to enhance professionalism and enable efficiency and transparency. The Authority has been vigorously considering the malpractices of the Real Estate big shots and has brought quite a few under the radar imposing severe penalties.
With the constitution of the Real Estate Regulatory Authority under section 20 of the Act, appointment of an adjudicating authority under section 71 and constitution of the Appellate Tribunal under sec 20, RERA is the new ray of hope for homebuyers.
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