Key Objectives of the Act
Protecting Buyers and Regulating the Industry
Primary Objectives
- Ensure accountability towards allottees and protect their interest.
- Infuse transparency, ensure fair-play and reduce frauds & delays.
- Introduce a unified legal regime for the purchase of flats, apartments, etc., standardizing the process across India.
- Establish symmetry of information between the promoter and allottee.
- Impose certain responsibilities on both promoter and allottees.
- Establish a regulatory oversight mechanism to enforce contracts.
- Establish a fast-track dispute resolution mechanism.
- Promote good governance in the sector which in turn would create investor confidence.