The Real Estate Regulation and Development Act, 2016 (RERA) finally gave the Indian real estate sector its first regulator on May 1, 2016. The Act was adopted by Parliament in 2015 and the Ministry of Housing and the Fight against Urban Poverty has given itself until May 1, 2017 to create and notify the operating rules of the regulator. RERA seeks to bring clarity and fair practices that would protect the interests of buyers and also impose penalties on builders who violate the law. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay Here is an overview of the real estate regulator and its impact on the real estate market. According to RERA, each state and union territory will have its own regulator and a set of rules governing the functioning of the regulator. The Center drafted the rules for the Union Territories, including the national capital. Even though many states are still late in reporting deadlines for RERA rules, many have notified their rules and a regulator has started functioning. Some of these states are Haryana, Uttar Pradesh, Maharashtra and Madhya Pradesh. Despite falling over the past three years, ticket prices became relatively high and inventory was piling up. Low demand was also one of the main reasons for the lower recovery of investments by developers. These reasons dissuaded developers from reducing ticket prices. RERA seeks to resolve issues such as delays, price, quality of construction, title and other changes. Project delays are the biggest problem faced by consumers. The reasons are numerous and the influence is enormous. Over the past 10 to 15 years, many projects have experienced delays of up to 7 years or more. Projects launched after the end of this mandate also experienced delays. Some encountered obstacles before a brick was even laid. The reasons include diversion of financial sources to other projects, changes in rules and regulations by authorities, Ministry of Environment, National Green Tribunal, etc. and other government agencies such as those involved in infrastructure development and transportation regulation. In many places, land acquisition is becoming a problem. Builders who violate the law often sell projects to investors without proper plan approval, unauthorized increase in FAR, shoddy construction, projects stuck in legal disputes, etc. The developer of a real estate development company must maintain a separate escrow account for each of their projects. projects. A minimum of 70% of funds from investors and buyers must be submitted. These funds can only be used for the construction of the project and the cost borne by the land. For greater clarity for buyers, developers will need to keep them informed of their other projects in progress. RERA requires builders to submit original approved plans for their current projects and any modifications they have made in the future. They must also provide details of the revenue collected from the beneficiaries, how the funds were utilized, construction, completion and delivery schedule which will have to be certified by a practicing engineer/architect/chartered accountant. It will be the responsibility of each state regulator to register real estate projects and real estate agents operating in their state with.