Real Estate
      (Regulation and Development)
           Act, 2016
            (RERA)
                              July 2017
                              Price :  Rs. 150/-  (Excluding postage)
                              © THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
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                              form or by any means without the prior written permission of The Institute of
                              Company Secretaries of India.
                              Published by :
                              THE  INSTITUTE OF COMPANY SECRETARIES OF INDIA
                              ICSI House, 22, Institutional Area, Lodi Road
                              New Delhi - 110 003
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                              Printed at Chandu Press /100/July 2017
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                             PREFACE
              Over the past decades, India has emerged as one of the few world
              economies with a combination of healthy economic perspective and
              successive growth at global platform, amidst the mood of cynicism and
              reservations of emerging economies. It is widely accepted that India is
              on its road to global growth and emerging as a prospective world leader
              registering sustainable development to all.
              In a bid to ensure sustainable growth and development of the nation
              along with the welfare of entire populace the Government has directed
              thoughtful focus on each and every driver contributing to the growth of
              Indian economy. This perspective is well reflected in various government
              initiatives, such as, various economic reforms, legal transformations,
              implementing structural changes, and focusing on fundamental growth
              of various sectors: small, micro, medium and large.
              Real Estate Sector, which seems to be one of the major contributors in
              the inclusive growth of the nation with the contribution of 8.53% of
              total GDP and growth rate to the tune of 30% is also clutching the share
              of its regulatory attention. Significant performance of Real Estate Industry
              with the significant rights and liabilities involved in the transactions has
              fetched the government attention for proper policy and regulation of
              real estate sector. This led to a deep-seated legal transformation in the
              form of Real Estate (Regulation and Development) Act, 2016.
              The structure of the law with focus on regulation as well as development
              of the real estate sector including the capping on realization,
              establishment of RERAs and specialized Appellate Tribunals, Registration
              with Regulatory Authorities, Internal Audit and Valuations has enhanced
              the role of professionals in ensuring effective, oriented and directed
              implementation of this law in the country.
              With a view to advance the knowledge and to build the capacity of
              professionals, stakeholders, members of the industry, experts in the Real
              Estate (Regulation and Development) Act, 2016, the Institute published
              this Publication.
              I commend the dedicated efforts put in by Mr. Chittaranjan Pal, Assistant
              Director, and CS Pankila Bhardwaj, Consultant (Professional
              Development, Perspective Planning & Studies) for in preparing the
              manuscript and finalizing the publication under the guidance of CS Sonia
              Baijal, Director, ICSI. I am also thankful to CS Manoj Agrawal, Group
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             Company Secretary, Shristi Infrastructure and CS (Dr.) Sanjeev Kumar,
             Executive Director, Bajaj Hindustan Sugar Limited for their value addition
             made to the publication.
             I am sure that this publication would certainly facilitate the understanding
             of the professionals, members and students on various facts and facets
             of Real Estate (Regulation and Development) Act, 2016 and would enrich
             their knowledge on this new legislation.
             Place : New Delhi      CS (Dr.) Shyam Agrawal
             Date  : 18 July, 2017                                                                     President
                          The Institute of Company Secretaries of India
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