ANDHRA PRADESH REAL ESTATE REGULATORY AUTHORITY
The real estate sector plays a catalytic role in fulfilling the need and demand for housing and infrastructure in the country. While this sector has grown significantly in recent years, it has been largely unregulated. There is, thus, absence of professionalism, standardisation and lack of adequate consumer protection. Though the Consumer Protection Act, 1986 is available as a forum to the buyers in the real estate market, the recourse is only curative and is inadequate to address all the concerns of buyers and promoters in that sector. The lack of standardisation has been a constraint to the healthy and orderly growth of the industry. Therefore, the need for regulating the sector has been emphasised on various forums
The National Conference of Ministers of Housing, Urban Development and Municipal Affairs of States and UTs proposed a law for real estate sector
During subsequent consultations by the Central Government, it was decided to enact a central law for real estate sector. This was endorsed by Competition Commission of India, Tariff Commission and Ministry of Consumer Affairs. Ministry of Law & Justice suggested a central legislation for real estate under specified entries of Concurrent List of the Constitution for regulation of contracts and transfer of property
Union Cabinet approved the Real Estate Bill, 2013
The Real Estate Bill, 2013 introduced in the Rajya Sabha
Bill was referred to the Department Related Standing Committee
Report of the Standing Committee tabled in the Rajya Sabha and the Lok Sabha
Attorney General upheld the validity of central legislation for Real Estate Sector and the competence of Parliament
Union Cabinet approved Official Amendments based on Standing Committee Report
Real Estate Bill, 2013 and Official Amendments referred to the Select Committee of the Rajya Sabha
Select Committee of the Rajya Sabha tabled its report along with the Real Estate Bill, 2015
Union Cabinet approved the Real Estate Bill, 2015 as reported by the Select Committee of the Rajya Sabha for further consideration of Parliament
Bill listed in the Rajya Sabha for consideration but could not be taken up
The Rajya Sabha passed the bill
The Lok Sabha passed the Bill
President of India accorded his assent to the Bill
The Real Estate (Regulation and Development) Act, 2016 was published in the Gazette for public information
69 Sections of the Real Estate Regulation and Development) Act, 2016 notified by the Ministry of Housing & Urban Poverty Alleviation on 27 April 2016 bringing the Act into force with effect from 1 May 2016.
It is the endeavour of Andhra Pradesh, India’s Sunrise state, to facilitate the growth and promotion of a healthy, transparent, efficient and competitive ecosystem for Real Estate sector thereby accelerating investments, economic development and most importantly, protecting the interests of the home buyers in the state.
Andhra Pradesh Real Estate Regulatory Authority (APRERA) has been formed as a regulatory body towards achieving this objective and I strongly believe the new framework can act as a catalyst to potentially create world class cities and transform Andhra Pradesh as the most desired place to live in India.
With APRERA, development takes the center stage and it is the firm commitment of my government to create a level playing field for all the stakeholders i.e. Home buyers, Developers, Agents and Investors to achieve my desire to build a "HAPPY STATE".
SRI NARA CHANDRABABU NAIDU
Hon'ble Chief Minister of Andhra Pradesh