Explain the salient features of the Real Estate (Regulation and Development) Act, 2016.

The Salient Features of the Real Estate (Regulation and Development) Act, 2016 are as under: To establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector. To ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner. To ensure protection of the interest of consumers in the real estate sector. To establish an adjudicating mechanism for speedy dispute redressal. To establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority (RERA). To regulate transactions between buyers and promoters of residential real estate projects. To establish state level regulatory authorities. Residential real estate projects, with certain exceptions, need to be registered with RERAs. Promoters cannot book or offer these projects for sale without registering them with RERA. Real estate agents dealing in these projects also need to register with RERAs. Right to Legal Representation on behalf of client by Company Secretaries or Chartered Accountants or Cost Accountants or Legal Practitioners. Imposes stringent penalty on promoter, real estate agent and also prescribes imprisonment.