What could be the potential implications of the Real Estate (Regulation and Development) Act, 2016 on real estate developers?
The Real Estate (Regulation and Development) Act, 2016 has significant implications for real estate developers. It establishes a real estate regulatory authority, mandates registration of projects, prescribes duties of promoters, and provides for penalties for non-compliance. It also mandates deposit of 70% of project funds in a separate bank account. Developers need to ensure compliance to avoid penalties and disputes.