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Real Estate (Regulation and Development) Act, 2016 - Interest Dharma - Taxguru - in
Real Estate (Regulation and Development) Act, 2016 - Interest Dharma - Taxguru - in
– INTEREST DHARMA
AUTHOR :KIRANSHARMA
https://taxguru.in/corporate-law/rera-interest-dharma.html
Introduction:
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to
protect home-buyers as well as help boost investments in the real estate industry. The Act establishes Real Estate
Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an
adjudicating body for speedy dispute redressal. The bill was passed by the Rajya Sabha on 10 March, 2016 and
by the Lok Sabha on 15 March 2016. The Act came into force on 1 May, 2016 with 59 of 92 sections notified[1].
Remaining provisions came into force on 1 May, 2017. The Central and state governments are liable to notify
the Rules under the Act within a statutory period of six months.[2] Real Estate Regulatory Authority (RERA)
Bill was introduced by the UPA 2 government in 2013.
The delay in possession of the homes to be provided by the builders has been the biggest concern for the buyers
of the real estate properties. For many of the homebuyers, across locations and with almost the builders, the
delay has extended to almost six years or more now, with no possession in sight. In the absence of a regulator
and with no rules in place, the builder-buyer battle appeared one-sided and RERA has become effective in full
force.
The Apex Court of India in the recent case of ‘Jaypee Infratech Limited-a company undergoing corporate
insolvency resolution process’ had provided much relief to the home buyers under the purview of the
‘Insolvency and Bankruptcy Code, 2016’ (hereinafter, ‘Code’) by providing them the stature of a ‘financial
creditor’ under the provisions of section 5(7) of the Code. As a financial creditor, the home buyers are entitled to
participate in the process and decide the fate of their entitled rights and privileges.
COMPARATIVE COMPILATION OF Real Estate (Regulation and Development) Rules, 2017 – STATE
WISE
Bihar
17. Rate of interest payable by the promoter and
the allottee.-
[2]https://economictimes.indiatimes.com/wealth/real-estate/real-estate-bill-is-an-act-now-may-protect-home-
buyers/articleshow/52069308.cms
https://gujrera.gujarat.gov.in/resources/staticpage/RERA-General%20Rules.pdf
http://www.up-rera.in/pdf/rera.pdf
http://rera.chbonline.in/resources/staticpage/CH_General_Rules_2016.pdf
https://maharera.mahaonline.gov.in/Upload/PDF/Maharashtra%20Real%20Estate%20(Regulation%20and%20Developm
https://maharera.mahaonline.gov.in/Upload/PDF/Daman_and_Diu_General_Rules_2016.pdf
https://maharera.mahaonline.gov.in/Upload/PDF/Dadra_and_Nagar_Haveli_General_Rules_2016.pdf
http://www.tnrera.in/Downloads/Acts_Rules_Regulations/Real_Estate_Act_Andaman.pdf
http://www.tnrera.in/Downloads/Acts_Rules_Regulations/Rules.pdf
http://www.rera.mp.gov.in/upload/files/746798949869.pdf
http://dda.org.in/rera/index.aspx
http://dtcp.ap.gov.in/webdtcp/pdf/AP%20RERA%20Rules-2017.PDF
http://orera.in/wp-content/uploads/2018/02/Odisha-RERA-Rules.pdf
https://nagarseva.bihar.gov.in/rerabihar/resources/staticpage/Bihar_RERA_Rules_2017.pdf
http://rera.rajasthan.gov.in/
http://rera.jharkhand.gov.in/Docs/RERAJharkhandRules.pdf
http://125.19.208.162:8088/rerauk/resources/staticpage/UK_General_Rules_2016.pdf
http://housing.kar.nic.in/Karnataka_Real_Estate__Regulation_and_Development__Rules__2017_Notification_.pdf
https://www.rera.punjab.gov.in/pdf/act-rules/Real_Estate_Rules_Punjab.pdf
https://rera.cgstate.gov.in/
https://haryanarera.gov.in//images/ReraRules2017.pdf
http://rera.telangana.gov.in/Site/Upload/Pdf/Telangana_State_Real%20Estate%20_Regulation_and_Development_%20R
http://www.hprera.in/Areas/WebSite/Avatars/RuleRegulation/HP_RERA_Rules_October_2017_English.pdf
https://rera.goa.gov.in/reraApp/resources/staticpage/RERA_Rule_345.pdf#page=49