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

The object and reason for which the Real Estate (Regulation and Development) Act, 2016 has been enacted are as under: 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.