RERA – Real Estate Regulatory Act, 2016. Effective from- The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into force on 1 May 2016 with 59 of 92 sections notified. Remaining provisions came into force on 1 May 2017.
Objective- The main aim of RERA is to provide relief to the buyers from the malpractices of unfair builders. RERA specifies certain norms for building and development of real estate which will enhance the transparency in transactions in the real estate sector.
HIRA- Housing and Industrial Regulation Act, 2017. Effective from -The Housing Industry Regulatory Authority is established under section 20 of West Bengal Housing Industry Regulatory Act,2017 which has been published in the Official Gazette of dated 17th October 2017 and came into effect on 1st June 2018.Objective: To regulate and promote the housing sector and to ensure the sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish a mechanism for speedy dispute redressal and for matters connected therewith or incidental thereto.
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