The Act establishes a RealEstate Regulatory Authority (
RERA) in each state for regulation of the real estatesector and also acts as an adjudicating body for speedy dispute resolution. The
Central and state governments are liable to notify the Rules under the Act
within a statutory period of six months.
Registration under RERA is compulsory for any builder who
wants to develop a residential or commercial property on landthat is more than 500 sq. Meters or the number of proposed apartments in all
phases is more than 8.
