The real estate sector has grown in the recent years but has largely been unregulated from the perspective of consumer protection. Though, consumer protection laws are available, the recourse available therein is only curative, but not preventive. Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act have come into force with effect from May 1, 2017. The Bihar Real Estate (Regulation & Development) Rules 2017 (Including Agreement for Sale Rules) was notified by the Government of Bihar on April 28th, 2017. The Real Estate Regulatory Authority of Bihar will provide the platform for Registration of the Real Estate Projects with Promoter details and the Real Estate Agents. Apart from this it will also receive the complaints related to various stakeholders as given under the aforementioned act and the rules.
Real Estate Regulatory Authority and Appellate Tribunal
Government of Bihar is the appropriate Government under the Act for the State of Bihar in terms of clause (g) of Section 2 of this Act. Exercising the power conferred by the third proviso to sub-section (1) of section 20 and first proviso to sub section (4) of section 43 of the Act, The Government of Bihar has designated The Principal Secretary, Urban development and Housing Department, Government of Bihar as the Regulatory Authority and The Bihar Land Tribunal, as the Appellate Tribunal respectively vide Notification nos. 348 & 349 and 346 & 347 dated 28th April 2017.