The Act establishes a RealEstate Regulatory Authority (
RERA) in each state for regulation of thereal estate sector 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.
Registrationunder RERA is compulsory for any builder who
wants todevelop a residential or commercial property on land that is more than 500 sq.
Meters or the number of proposed apartments in all phases is more than 8.
