Answered on November 08, 2017
The Real Estate Act is intended to achieve the following objectives:
ensure accountability towards allottees and protect their interest;
infuse transparency, ensure fair-play and reduce frauds & delays;
introduce professionalism and pan India standardization;
establish symmetry of information between the promoter and allottee;
imposing certain responsibilities on both promoter and allottees;
establish regulatory oversight mechanism to enforce contracts;
establish fast- track dispute resolution mechanism;
promote good governance in the sector which in turn would create investor
confidence.
Answered on November 08, 2017
The Real Estate Act is intended to achieve the following objectives:
ensure accountability towards allottees and protect their interest;
infuse transparency, ensure fair-play and reduce frauds & delays;
introduce professionalism and pan India standardization;
establish symmetry of information between the promoter and allottee;
imposing certain responsibilities on both promoter and allottees;
establish regulatory oversight mechanism to enforce contracts;
establish fast- track dispute resolution mechanism;
promote good governance in the sector which in turn would create investor
confidence.
