Real Estate (Regulation and Development) Act, 2016 (A Practitioner's Guide)

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Description
The Real Estate (Regulation and Development) Act, 2016 is the State's first attempt at regulation and bringing credibility to the infamous real estate sector. The Act also provides for effective dispute resolution mechanism and creates new forums for adjudication of real estate disputes. Needless to say, it affects business houses, industries, construction conglomerates, real estate agents and most importantly, the buyers. While the Act is still nascent and jurisprudence on the subject is yet to fully develop; implementation of this statute, if done in its true letter and spirit, would have far reaching consequences. It would foster consumer confidence, ensure speedy justice and bring an end to the extortion of innocent consumers at the hands of unscrupulous builders and conglomerates. The builders have hitherto not been answerable for their commitments to buyers and have found various ways and means to deny the latter their rights. The Act now reverses the bargaining table and gives teeth to contractual commitments as well as provides penal consequences for contravention: both, of its provisions, and the promises made by the builders. This book examines the provisions of the Act in minute detail and seeks to correlate the same with practical problems and concerns. Further, it speculates the hindrances the authorities would face while implementing the provisions of this Act. It covers the interplay of various sections, their conflict with other laws, and most importantly, it compares the rules passed by every State and Union Territory under the Act. The aim is to provide the readers with a holistic, yet simple understanding of this new law, to clear grey areas of interpretation, wherever possible, and to provide solutions to the anticipated problems of implementation in the Act.
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Contents
I. History of the Real Estate Act
II. Definitions
III. Registration
IV. Functions and Duties of Promoter
V. Rights and Duties of Allottees
VI. Real Estate Regulatory Authority
VII. Central Advisory Council
VIII. Real Estate Appellate Tribunal
IX. Offences, Penalties and Adjudication
X. Finance, Accounts, Audits and Reports
XI. Miscellaneous
APPENDICES
For list of the Acts and State Rules see below in main contents
Subject Index
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Author Details
Dr AJAR RAB, Partner, Rab & Rab Associates LLP BA LLB (Hons.), NLSIU, Bangalore Master of Law and Business, Bucerius Law School/WHU Otto Beisheim School of Management Doctor of Law, Bucerius Law School, Germany