The Act establishes a Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. The Central and state governments are liable to notify the Rules under the Act within a statutory period of six months. Registration under RERA is compulsory for any builder who wants to develop a residential or commercial property on land that is more than 500 sq. Meters or the number of proposed apartments in all phases is more than 8.
