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Deciphering the legal and commercial aspects of RERA

The important Real Estate (Regulation and Development) Act 2016, was recently passed in the Parliament and it received the assent of thePresident of India on 25 March 2016. It has paved the way to setting up of a real estate regulator, which is proposed to be set up within one year from the date of coming into force of the Act, to deal with commercial and residential realty. In the interim, the appropriate government (i.e. the central or state govt) shall designate any other regulatory authority or any officer, preferably the secretary of the department dealing with housing, as the regulatory authority.

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