State the objects and reasons for which Real Estate (Regulation and Development) Act, 2016 has been framed.

The objects and reasons for which Real Estate (Regulation and Development) Act, 2016 has been framed are as under: Ensure responsibility towards allottees and protect their interest. Infuse transparency, ensure fair-play, reduce frauds and delays. Introduce professionalism and pan India standardization. Establish symmetry of information between the developers and buyers. Imposing certain responsibilities on both builders and investors Establish a regulatory oversight mechanism to enforce contracts. Promote reliable governance in the sector which in turn would create investor confidence.