The Real Estate (Regulation and Development) Act, 2016
assam · 2016
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(1) This Act may be called the Real Estate (Regulation and Development) Act, 2016
- S. 2Section 2 defines key terms used in the Real Estate (Regulation and Development) Act, 2016, including "adjudicating officer," "advertisement," "agreement for sale," "allottee," and "apartment."
- S. 3Section 3 prohibits promoters from selling real estate projects without registering them with the Real Estate Regulatory Authority, except for small projects or those with prior completion certificates.
- S. 4Section 4 mandates promoters to apply for real estate project registration with the Authority, including detailed documents and certifications.
- S. 5(1) On recipt of the application under sub-section (1) of section 4, the Authority shall within a period of thirty days
- S. 6Section 6 allows the Authority to extend real estate project registrations due to natural calamities or other extenuating circumstances, up to one year.
- S. 7Section 7 allows the Authority to revoke a real estate promoter's registration if the promoter defaults, violates approval terms, or engages in unfair practices.
- S. 8Section 8 outlines procedures for handling real estate project development after registration lapse or revocation.
- S. 9Section 9 mandates real estate agents to register with the Authority to legally facilitate property sales in planning areas.
- S. 10Section 10 mandates real estate agents to not sell unregistered projects, maintain records, avoid unfair practices, and provide all necessary information to buyers.
- S. 11Section 11 mandates promoters to publicly disclose project details and registered information on the Authority's website and in advertisements.
- S. 12Section 12 compensates buyers for losses due to incorrect information in real estate promotions and allows withdrawal with full investment return.
- S. 13Section 13 limits advance payments by promoters to 10% of project cost and mandates detailed written agreements for sale.
- S. 14Section 14 mandates that real estate projects must be developed and completed as approved, with no unauthorized changes to plans and specifications without buyer consent.
- S. 15Section 15 prohibits real estate promoters from transferring project rights without allottee and Authority consent, ensuring no project completion time extensions.
- S. 16Section 16 mandates promoters to secure specified insurances for real estate projects and transfer them to allottees.
- S. 17Section 17 mandates promoters to transfer property deeds and documents to allottees or authorities within specified timelines after obtaining an occupancy certificate.
- S. 18Section 18 mandates promoters to return amounts with interest and compensate allottees if they fail to deliver property or meet obligations.
- S. 19Section 19 of the Real Estate (Regulation and Development) Act, 2016, outlines the allottee's rights to information, possession, refunds, and documents from the developer.
- S. 20Section 20 mandates the establishment of a Real Estate Regulatory Authority by the appropriate government to oversee real estate regulation.
- S. 21Section 21 establishes the composition of the Real Estate Regulatory Authority with a Chairperson and at least two full-time members appointed by the government.
- S. 22Section 22 details the appointment process for the Chairperson and Members of the Real Estate Regulatory Authority, requiring specific professional experience and government service.
- S. 23Section 23 limits the term of the Chairperson and Members of the Real Estate Regulatory Authority to five years or until age sixty-five, and prohibits reappointment.
- S. 24Section 24 outlines the terms of service, resignation, removal, and filling of vacancies for the Chairperson and Members of the Real Estate Regulatory Authority.
- S. 25Section 25 grants the Chairperson authority over the Authority's administration and meeting leadership.
- S. 26Section 26 allows the appropriate government to remove a Chairperson or Member of the Real Estate Regulatory Authority for various misconduct reasons, with specific procedures for financial or position abuse.
- S. 27Section 27 prohibits former Chairpersons and Members from engaging in certain employments or activities for a year after leaving office.
- S. 28Section 28 empowers the appropriate government to appoint officers and employees for the Authority's functions, with their terms and conditions to be prescribed.
- S. 29Section 29 outlines the meeting procedures and decision-making process for the Real Estate Regulatory Authority.
- S. 30Section 30 ensures the validity of the Authority's actions despite vacancies, constitutional defects, or procedural irregularities.
- S. 31Section 31 allows aggrieved persons to file complaints against real estate violations with the Authority.
- S. 32Section 32 outlines the Authority's recommendations to promote a transparent, efficient real estate sector, including protecting interests, project approvals, grievance redressal, and sustainable housing.
- S. 33The section allows the government to seek the Real Estate Authority's opinion on real estate policies and mandates the Authority to provide non-binding advice and promote real estate law awareness.
- S. 34Section 34 outlines the functions of the Authority to regulate and register real estate projects and agents, maintain public databases, and ensure compliance with the Act.
- S. 35Section 35 grants the Authority power to investigate complaints and conduct inquiries into real estate promoters' affairs.
- S. 36The section allows the Authority to issue orders restraining real estate parties from continuing illegal activities during an inquiry.
- S. 37The Authority can issue binding directions to real estate promoters, allottees, or agents to fulfill its regulatory duties.
- S. 38Section 38 empowers the Authority to impose penalties for violations and refer competition issues to the Competition Commission.
- S. 39The Authority can amend its orders within two years to correct apparent record mistakes, except for appealed orders or substantive parts.
- S. 40Section 40 mandates recovery of unpaid interest, penalties, or compensation as land revenue arrears and enforcement of compliance orders.
- S. 41The section establishes a Central Advisory Council to advise the government on real estate regulation, chaired by the Housing Minister.
- S. 42Section 42 establishes the Central Advisory Council to advise the government on real estate Act implementation, policy, consumer protection, and sector growth.
- S. 43Section 43 establishes a Real Estate Appellate Tribunal to hear appeals against decisions made by the Authority or adjudicating officers under the Act.
- S. 44Section 44 outlines the process for appealing decisions made by the Real Estate Authority or adjudicating officer to the Appellate Tribunal.
- S. 45Section 45 outlines the composition of the Appellate Tribunal, requiring a Chairperson and at least two members, one judicial and one technical or administrative.
- S. 46Section 46 specifies qualifications and appointment procedures for members of the Appellate Tribunal in real estate regulation.
- S. 47Section 47 sets term limits and eligibility criteria for members of the Real Estate Appellate Tribunal.
- S. 48Section 48 details the terms, conditions, and removal process for the Chairperson and Members of the Real Estate Regulatory Authority.
- S. 49Section 49 allows the appropriate government to remove or suspend Appellate Tribunal members for various grounds, including moral turpitude or insolvency, after due inquiry.
- S. 50Section 50 prohibits former members of the Real Estate Regulatory Authority from engaging in certain employments or activities for a period after they leave office.
- S. 51(1) The appropriate Government shall provide the Appellate Tribunal with such officers and employees as it may deem fit
- S. 52The section allows the appropriate government to fill vacancies in the Appellate Tribunal with another person.
- S. 53Section 53 outlines the powers and procedures of the Appellate Tribunal in the Real Estate (Regulation and Development) Act, 2016.
- S. 54Section 54 grants the Chairperson authority over the Appellate Tribunal's administration and meetings.
- S. 55Section 55 ensures that vacancies or defects in the Appellate Tribunal's constitution do not invalidate its proceedings.
- S. 56Section 56 allows applicants to represent themselves or authorize professionals to present their case before the Real Estate Regulatory Authority.
- S. 57Section 57 makes orders from the Appellate Tribunal enforceable like civil court decrees.
- S. 58Section 58 allows aggrieved parties to appeal to the High Court against Appellate Tribunal decisions, with a 60-day limit.
- S. 59(1) If any promoter contravenes the provisions of section 3, he shall be liable to a penalty which may extend up to ten
- S. 60Section penalizes promoters for providing false information or violating section 4 with fines up to five percent of project cost.
- S. 61Section penalizes promoters up to 5% of project cost for violating Real Estate Act provisions, except for specific sections.
- S. 62Section penalizes real estate agents for non-compliance with specified regulations with fines up to 5% of project cost.
- S. 63Section penalizes promoters for non-compliance with Authority orders, imposing fines up to 5% of project cost.
- S. 64Section penalizes promoters for non-compliance with tribunal orders with imprisonment, fines, or both.
- S. 65Section penalizes real estate agents for non-compliance with Authority orders, imposing fines up to 5% of project cost.
- S. 66Section penalizes real estate agents for non-compliance with Appellate Tribunal orders with imprisonment, fines, or both.
- S. 67Section penalizes allottees for non-compliance with Authority's orders, up to 5% of property cost.
- S. 68Section 68 imposes penalties including imprisonment and fines for allottees who fail to comply with orders from the Appellate Tribunal.
- S. 69Section 69 holds company officers liable for real estate offenses committed by the company or due to their neglect.
- S. 70Section 70 allows courts to compound penalties for violations of the Real Estate Act, up to the maximum fine amount.
- S. 71Section 71 appoints District Judges as adjudicating officers to determine compensation claims under specified sections and mandates timely resolution within 60 days.
- S. 72Section 72 outlines factors for determining compensation or interest in real estate disputes under the Act.
- S. 73The Central Government can provide grants and loans to the Authority for its operations.
- S. 74The State Government can provide grants and loans to the Authority for the Act's purposes.
- S. 75The section establishes a Real Estate Regulatory Fund to be funded by government grants, fees, and interest, used for the Authority's administrative and operational expenses.
- S. 76Section 76 specifies where penalties imposed by the Appellate Tribunal or Authority are credited: to India's Consolidated Fund or a State's specified account.
- S. 77Section 77 mandates the Authority to prepare budgets, maintain records, and submit audited accounts to the government and legislature.
- S. 78The Real Estate (Regulation and Development) Act mandates the Authority to annually report its activities, accounts, and future plans to Parliament or State Legislature.
- S. 79The section bars civil courts from hearing real estate disputes that the Act's authority or officers are empowered to resolve.
- S. 80Section 80 specifies that only the Authority or its authorized officers can file complaints for real estate offenses, and only higher courts can try them.
- S. 81The Authority can delegate its powers and functions under the Act to members, officers, or others, except for regulation-making power.
- S. 82Section 82 allows the appropriate government to temporarily replace a real estate regulatory authority if it fails to perform its duties or due to unforeseen circumstances.
- S. 83Section 83 allows the appropriate government to issue policy directions to the Authority, with final decision-making authority in disputes.
- S. 84Section 84 mandates the appropriate government to create rules for implementing the Real Estate (Regulation and Development) Act, 2016.
- S. 85Section 85 empowers the Authority to create regulations within three months to implement the Real Estate (Regulation and Development) Act, 2016.
- S. 86Section 86 mandates that rules, regulations, and notifications made by central or state authorities under the Act must be presented to Parliament or respective state legislatures for review.
- S. 87Section 87 designates Authority officials and tribunal members as public servants under the Indian Penal Code.
- S. 88Section 88 states that the Act's provisions supplement, not override, existing laws.
- S. 89The section ensures the Real Estate (Regulation and Development) Act, 2016 overrides any conflicting laws.
- S. 90Section 90 protects government and Authority officials from legal action for actions done in good faith under the Act.
- S. 91The section allows the Central Government to issue orders to resolve issues with the Act, but only within two years of its commencement.
- S. 92The Maharashtra Housing (Regulation and Development) Act, 2012 is hereby repealed
- S. 2014GMGIPMRND—5324GI(S3)—26-03-2016