*

Real Estate (Regulation and

Development) Act, 2016

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 Real
Date signed: 25 March 2016
Date assented to: 25 March 2016
Bill published on: 14 August 2013
Bill: Real Estate (Regulation and Development) Bill, 2016
Date commenced: 01 May 2016 (59 of 92 sections notified); 01 May
2017 (remaining)
Enacted by: Parliament of India
Introduced by: Dr. Girija Vyas, Minister of Housing and Urban Poverty
Alleviation
* Protect the home buyers from unscrupulous builders.
* Increase investment in the real estate industry.
* To regulate the real estate sector of India.
* Impose penalties on errant builders.
* Bring transparency and accountability in the real estate
industry.
* Stabilize housing prices.
*
 *
* The Act under S.84 contemplates that within 6 months of the RERA Act being
enforced, State Governments shall make rules for carrying out the provisions of
the Act. The said Rules are to be notified by some of the State Government.

* As late as October 31, 2016, Central Government, released the Real Estate
(Regulation and Development) (General) Rules, 2016, vide Notification by the
Ministry of Housing & Urban Poverty Alleviation(HUPA).] The Rules so issued by
the Central Government are applicable to the five Union Territories without
Legislature viz., Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman &
Diu, Lakshadweep, and Chandigarh. The Rules have been issued after the prior
release of Draft for comments.

* As of 1 September 2018, Kerala, Arunachal Pradesh, Mizoram, Meghalaya, Sikkim

and Nagaland have not notified the Rules. In the case of five north-eastern
states, the RERA Act is facing certain constitutional challenges as the land in
those states are community owned. West Bengal notified a similar law called
the West Bengal Housing Industry Regulatory Act, 2017, which came into effect
from 1st June, 2018.
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* Jaypee Infratech Ltd. Is the subsidiary company of Jaypee
group.
* The case was filed on Thursday 9 August 2018.
* Company was engaged in infrastructure project and has
developed the 165 km long YAMUNA expressway, wish town
project in sector 128 of Noida.
* Jaypee Infratech is under heavy debt of around Rs. 8000
crore.
* The company owes Rs 526 crore to IDBI bank.
* IDBI bank has filed a petition before National
Company Law tribunal (NCLT) to initiate
insolvency proceedings against the company.
* The Allahabad bench of NCLT has admitted IDBI
bank’s petition and has declared Jaypee
Infratech as insolvent.