The Real Estate (Regulation & Development Act) popularly known as RERA came into effect on 1st May 2016 after the government of India sought to promote discipline and transparency in the real estate sector of the country.
The government of Uttar Pradesh has notified the UP Real Estate (Regulation & Development) Act (RERA) on 29 October 2016. Counting to regulate the real estate sector in the state, this disciplinary law mandates all the real estate developers to register their ongoing projects and real estate agents to register themselves with the UP RERA.
We all have heard a proverb “Tit for Tat” but it seems that this is not true when it comes to the RERA. Recently, we heard news stating that RERA fined developers for not registering their project on time with the authority.