The Real Estate (Regulation and Development) Act, 2016 is the Act of the parliament of India which seeks to protect the home-buyers and boost investment in the real estate industry. The Real Estate Regulatory Authority in the district Gurugram was brought into force vide Notification No. 1/92/2017-1TCP dated 25.11.2017 to provide transparency and fairness in the real estate sector and to eradicate the corrupt practices of the developers and also to benefit the buyers and the consumers so that they are not cheated by the unscrupulous developer and to an extent, it has been able to provide justice to the Act. Usually, the buyers were not handed over the keys; they were made to wait for long tenures to get the ownership of their house but after coming into existence, the authority has made relentless efforts to ensure timely completion of real estate projects.
The market in Gurugram is currently witnessing positive effects of the implementation of Real Estate (Regulation and Development) Act, 2016. Currently as many as 2.45 lakh properties in Gurugram are under the HARERA's scanner since these projects are either not completed or the progress therein is stuck for long. Many more buyers are forming forces with RERA to contain builders to complete projects. Instead of praying for refunds of their investments RERA has put builders in a position wherein they cannot afford to delay their projects. Further, it is expected in the coming years that new Gurugram area will be the next residential hub and also it is said that Gurugram will soon take a lead in affordable housing too since many projects are being launched in this segment. RERA has induced confidence amongst home buyers by striking a balance between the rights and obligations of both the allotee and the developer. Some of the developments are listed herein below:
In the chairmanship of Dr. K.K Khandelwal, HARERA, Gurugram has imposed confidence among the homebuyers that the developers can no longer act on their whims and fancies. the buyers know that H-RERA will ensure completion of the projects and possession of homes to them. Since its existence, the authority has taken actions against the defaulting promoters to help provide an environment of growth and development of the real estate sector and also assist the allottees in gaining and preserving their trust in the Authority for quick redressal of their moans and grievances afflicted due to wrong deeds of the promoters, who have become reluctant in completing their projects within stipulated time frame and according to the rules and regulations laid down in the Real Estate (Regulation and Development) Act, 2016. The Haryana Real Estate Regulatory Authority, Gurugram, has maintained its continuous efforts to regularize and standardize the real estate sector by keeping a strict vigil upon the promoters indulged in several mal practices and mischiefs, besides rigorously punishing them so as to achieve the aim of a real estate sector which shall work in a transparent and an efficient manner.
RERA, Gurugram became the most popular and trusted authorities in a very short span of time. The work that the authority has been able to do is a matter of pride for all of us. With the disposal of 10000 above complaints, more than 400 project registrations and more than 1300 real estate agent registrations HARERA, Gurugram has embarked a beautiful journey till date.
The Authority has over the period made the market mature and responsible for deliveries and completion of the projects in time, "With the Real Estate (Regulation and Development) Act, 2016 coming into force, several small-time developers who were not able to deliver and adhere to ethical practices have been weeded out. The market has been cut open for established and professional development firms and end users have gained renewed confidence in the housing market. Thus, sales have gradually improved in the year 2019-2020.
RERA is mandated to ensure that the promoter/developer completes the registration of the project and hands over all facilities to the allottees on/prior to project completion date furnished to the Authority. As well as all ongoing, projects and new projects are registered in the HARERA authority. RERA protects buyers from being duped by non-professional developers by ensuring that the land title is clear, the encumbrances are sustainable, the documents for sale are sound and legally enforceable and in accordance with the model documents. The physical progress and the financial discipline are monitored by independent engineers and financial experts as well as it is ensured that the development and operation of the owners’ associations is formed and put in friction within stipulated time frame as per the Act. To make this happen the authority has focused on monitoring of quarterly progress reports submitted by the promoters.

Under this Act, appropriate government shall establish Real Estate Regulatory Authority for regulation and promotion of the real estate sector in the State / UTs. The Authority shall strive to facilitate the growth and promotion of a healthy, transparent, efficient and competitive real estate sector while protecting the interest of allottees, promoters and real estate agents. The authority shall also establish an adjudicating mechanism for speedy dispute redressal regarding registered real estate projects. The key responsibilities of the Authority shall be as follows:

• Ensuring Disclosures of Real Estate Projects by Promoters
• Real Estate Projects Registration
• Real Estate Agents Registration
• Complaints Redressal
• Provide recommendations to appropriate Government on in matters relating to the development & promotion of real estate sector;

The appropriate Government shall also establish Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority. Any person aggrieved by any direction or decision or order made by the Authority or by an adjudicating officer may file an appeal before the Appellate Tribunal and the appeal shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal within a period of sixty days.

All Real Estate Agents are required to register under this Act. No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, without obtaining registration under this section. If any real estate agent fails to register, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated.

All commercial and residential real estate projects will have to register except in projects where

• Area of land proposed to be developed does not exceed five hundred square meters
• Number of apartments proposed to be developed does not exceed eight inclusive of all phases
• Building permissions were approved prior to 01-01-2017 by the Competent Authorities viz., UDAs / DTCP / Municipal Corporations / Municipalities / Nagar Panchayats / TSIIC as the case may be.
• For renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building, as the case may be, under the real estate project

No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area within Haryana, without registering the real estate project with the Haryana Real Estate Regulatory Authority (HARERAGGM). Promoter of ongoing real estate projects, in which all buildings as per sanctioned plan have not received Completion Certificate, shall also to be required to be registered for such phase of the project which consists of buildings not having Occupancy Certificates. “Ongoing Project” means, a Project where development is going on and for which Occupancy Certificate or Completion Certificate has not been issued but excludes such Projects for which building permissions were approved prior to 01-01-2017 by the Competent Authorities viz., UDAs / DTCP / Municipal Corporations / Municipalities / Nagar Panchayats / TSIIC as the case may be. If any promoter fails to register as per Act, he shall be liable to a penalty which may extend up to 10% of the estimated cost of the real estate project. On continued violation, he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further 10% of the estimated cost of the real estate project, or with both. Apart from Registration, the promoters shall be required to provide quarterly updates on the status of the project to the authority.

The Act strives to ensure greater discipline in the real estate sector and defines the duties and responsibilities of the promoter. Some of them are as follows:

• Promoter shall not accept more than 10% of the cost of the apartment, plot, or building as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement for sale with such person and register the said agreement for sale
• Promotor shall be responsible to obtain the completion certificate or the occupancy certificate
• Seventy per cent of the amounts realized for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose
• Withdrawal from such accounts shall be in proportion to the percentage of completion of the project, which shall be certified by an engineer, an architect and a chartered accountant in practice.
• Promoter to compensate buyer for any false or incorrect statement with full refund of property cost with interest
• Project Accounts to be Audited/FY. Copy to be submitted to HARERAGGM and provision for HARERAGGM to freeze project bank account upon non-compliance
• Provision for stronger financial penalties for HARERAGGM non-compliances

Any aggrieved person may file a complaint with HARERAGGM with respect to any registered real estate project, for any violation or contravention of the provisions of this Act or the rules and regulations made there under. Any person aggrieved by any direction or decision or order made by HARERAGGM may file an appeal before the Appellate Tribunal Any person aggrieved by any decision or order of the Appellate Tribunal, may file an appeal to the High Court.

The Act shall drive great transparency in the real estate sector as follows:

• Details of all the Registered Projects shall be available online for citizens including:
• Sanctioned plans, layout plans, along with specifications, approved by the competent authority
• Proposed Plan, Proposed Layout Plan of the whole project as proposed by the promoter
• Proposed Number of building(s) or wing(s) to be constructed and sanctioned number of the building(s) or wing(s).
• The stage wise time schedule of completion of the project, including the provisions for civic infrastructure like water, sanitation and electricity.
• Quarterly update of the list of number and types of apartments or plots, as the case may be, booked.
• Quarterly update of the list of number of covered parking, garages booked;
• Quarterly update of the list of approvals taken and the approvals which are pending subsequent to Commencement Certificate;
• Quarterly update of the status of the project; and such other information and documents as may be specified by the regulations made by HARERAGGM.
• The advertisement or prospectus issued or published by the promoter shall mention prominently the website address of HARERAGGM, wherein all details of the registered project have been entered and include the registration number obtained from the Authority

• Citizens shall be able to view, on HARERAGGM website, all disclosures pertaining to registered projects. This shall enable data driven informed decision making.
• Promoter cannot make any additions and alterations in the sanctioned plans, layout plans and specifications and the nature of fixtures, fittings and amenities etc. without the previous consent of at least two-thirds of the Allottees, other than the promoter, who have agreed to take apartments in such building.
• If the promoter fails to complete or is unable to give possession of an apartment, plot or building, in accordance with the terms of the agreement for sale, he shall be liable to pay interest for every month of delay. Further, in case the Allottee wishes to withdraw from the project, without prejudice to any other remedy available, to return the amount received by him with interest
• Promoter to enable formation of Association of Allottees as a society under the Societies Registration Act.2001, within two months from the date on which the Occupancy Certificate in respect of such project is issued and a minimum of 60% of the total Allottees in such a project have taken the possession and the promoter as received the full consideration from such Allottees.
• Promoter shall execute a registered conveyance deed in favour of the Allottee within three months from date of issue of Occupancy Certificate or 60 % of the total number of Purchasers in such a building or a wing, have paid the full consideration to the promoter, whichever is earlier.

Real Estate (Regulation and Development) Act 2016 is a step towards reforming the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline.