Ques 1: . What is the status of the Act?

Ans: The Real Estate Bill was passed by the Rajya Sabha on 10th March, 2016 and the Lok Sabha on 15th March, 2016. The Bill as passed by the Parliament was assented to by the Hon’ble President on 25th March, 2016. The Act as assented to by the Hon’ble President was published in the Official Gazette on 26th March, 2016 for public information

Ques 2: What was the need for a regulatory law for the real estate sector?

Ans: The real estate sector has grown in the recent years but has largely been unregulated from the perspective of consumer protection. Though, consumer protection laws are available, the recourse available therein are only curative, but not preventive. This has affected the overall potential growth of the sector due to absence of professionalism and standardization.

Ques 3: What are the objects and reasons for which the Act has been framed?

Ans: The Real Estate Act is intended to achieve the following objectives: a) ensure accountability towards allottees and protect their interest b)infuse transparency, ensure fair-play and reduce frauds & delays c) introduce professionalism and pan India standardization d) establish symmetry of information between the promoter and allottee e)imposing certain responsibilities on both promoter and allottees

Ques 4: Who is the ‘appropriate Government’ as per the Act?

Ans: Section 2(g) of the Act defines ‘appropriate Government’ to mean as follows: (i) for the Union territory without Legislature, the Central Government; (ii) for the Union territory of Puducherry, the Union territory Government; (iii) for the Union territory of Delhi, the Central Ministry of Urban Development; (iv) for the State, the State Government