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Bar News Acts League

The Real Estate (Regulation and Development) Act, 2016

Act ID: 2016

The Real Estate (Regulation and Development) Act, 2016

"An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector."

Table of Contents

92 Sections

Ch. 1

PRELIMINARY

S.1Short title, extent and commencement.S.2Definitions.

Ch. 2

REGISTRATION OF REAL ESTATE PROJECT AND REGISTRATION OF REAL ESTATE AGENTS

S.3Prior registration of real estate project with Real Estate Regulatory Authority.S.4Application for registration of real estate projects.S.5Grant of registration.S.6Extension of registration.S.7Revocation of registration.S.8Obligation of Authority consequent upon lapse of or on revocation of registration.S.9Registration of real estate agents.S.10Functions of real estate agents.

Ch. 3

FUNCTIONS AND DUTIES OF PROMOTER

S.11Functions and duties of promoter.S.12Obligations of promoter regarding veracity of the advertisement or prospectus.S.13No deposit or advance to be taken by promoter without first entering into agreement for sale.S.14Adherence to sanctioned plans and project specifications by the promoter.S.15Obligations of promoter in case of transfer of a real estate project to a third party.S.16Obligations of promoter regarding insurance of real estate project.S.17Transfer of title.S.18Return of amount and compensation.

Ch. 4

RIGHTS AND DUTIES OF ALLOTTEES

S.19Rights and duties of allottees.

Ch. 5

THE REAL ESTATE REGULATORY AUTHORITY

S.20Establishment and incorporation of Real Estate Regulatory Authority.S.21Composition of Authority.S.22Qualifications of Chairperson and Members of Authority.S.23Term of office of Chairperson and Members.S.24Salary and allowances payable to Chairperson and Members.S.25Administrative powers of Chairperson.S.26Removal of Chairperson and Members from office in certain circumstances.S.27Restrictions on Chairperson or Members on employment after cessation of office.S.28Officers and other employees of Authority.S.29Meetings of Authority.S.30Vacancies, etc., not to invalidate proceeding of Authority.S.31Filing of complaints with the Authority or the adjudicating officer.S.32Functions of Authority for promotion of real estate sector.S.33Advocacy and awareness measures.S.34Functions of Authority.S.35Powers of Authority to call for information, conduct investigations.S.36Power to issue interim orders.S.37Powers of Authority to issue directions.S.38Powers of Authority.S.39Rectification of orders.S.40Recovery of interest or penalty or compensation and enforcement of order, etc.

Ch. 6

CENTRAL ADVISORY COUNCIL

S.41Establishment of Central Advisory Council.S.42Functions of Central Advisory Council.

Ch. 7

THE REAL ESTATE APPELLATE TRIBUNAL

S.43Establishment of Real Estate Appellate Tribunal.S.44Application for settlement of disputes and appeals to Appellate Tribunal.S.45Composition of Appellate Tribunal.S.46Qualifications for appointment of Chairperson and Members.S.47Term of office of Chairperson and Members.S.48Salary and allowances payable to Chairperson and Members.S.49Removal of Chairperson and Member from office in certain circumstances.S.50Restrictions on Chairperson or Judicial Member or Technical or Administrative Member on employment after cessation of office.S.51Officers and other employees of Appellate Tribunal.S.52Vacancies.S.53Powers of Tribunal.S.54Administrative powers of Chairperson of Appellate Tribunal.S.55Vacancies, etc., not to invalidate proceeding of Appellate Tribunal.S.56Right to legal representation.S.57Orders passed by Appellate Tribunal to be executable as a decree.S.58Appeal to High Court.

Ch. 8

OFFENCES, PENALTIES AND ADJUDICATION

S.59Punishment for nonregistration under section 3.S.60Penalty for contravention of section 4.S.61Penalty for contravention of other provisions of this Act.S.62Penalty for nonregistration and contravention under sections 9 and 10.S.63Penalty for failure to comply with orders of Authority by promoter.S.64Penalty for failure to comply with orders of Appellate Tribunal by promoter.S.65Penalty for failure to comply with orders of Authority by real estate agent.S.66Penalty for failure to comply with orders of Appellate Tribunal by real estate agent.S.67Penalty for failure to comply with orders of Authority by allottee.S.68Penalty for failure to comply with orders of Appellate Tribunal by allottee.S.69Offences by companies.S.70Compounding of offences.S.71Power to adjudicate.S.72Factors to be taken into account by the adjudicating officer.

Ch. 9

FINANCE, ACCOUNTS, AUDITS AND REPORTS

S.73Grants and loans by Central Government.S.74Grants and loans by State Government.S.75Constitution of Fund.S.76Crediting sums realised by way of penalties to Consolidated Fund of India or State account.S.77Budget, accounts and audit.S.78Annual report.

Ch. 10

MISCELLANEOUS

S.79Bar of jurisdiction.S.80Cognizance of offences.S.81Delegation.S.82Power of appropriate Government to supersede Authority.S.83Powers of appropriate Government to issue directions to Authority and obtain reports and returns.S.84Power of appropriate Government to make rules.S.85Power to make regulations.S.86Laying of rules.S.87Members, etc., to be public servants.S.88Application of other laws not barred.S.89Act to have overriding effect.S.90Protection of action taken in good faith.S.91Power to remove difficulties.S.92Repeal.