India, July 30 -- The Government of India has issued a release:
As per Entry 18 of List- II (State List) of 7th Schedule of Constitution of India, 'Land' and 'Colonization' are State subjects. However, by deriving powers from Entries 6, 7 & 46 of List-III (Concurrent List) of the Seventh Schedule of the Constitution of India, the Real Estate (Regulation and Development) Act, 2016 [RERA] was enacted by the Parliament to regulate the contractual relationship between homebuyers and promoters.
RERA aims to ensure transparency & accountability in the Real Estate Sector, thereby protecting the interests of the homebuyers.
RERA mandates the registration of real estate projects with the Regulatory Authority before any advertisement, marketing, b...