Real Estate (Regulation and Development) Act (RERA), 2016
Legislative action — a bill, act, or amendment that creates or modifies the legal framework. Carries binding force and shapes the rules under which citizens, institutions, and markets operate.
Summary
Established Real Estate Regulatory Authorities in each state to protect homebuyers and promote transparency. Mandated project registration, escrow accounts for 70% of funds, and penalties for delays.
Key Facts
Type Legislation
Source Historical Record
Published Friday, 25 March 2016
Affected Population ~100 million urban housing shortage, 30 million rural
Key Numbers
PMAY: 4.13 crore houses total sanctioned
Urban housing shortage: 10 million units
Affordable Housing Fund: Rs 25,000 crore
PMAY-U: 1.18 crore houses sanctioned
Key Authorities
Key Stakeholders
Government Context
NDA I BJP-led NDA
Left Centre Right