An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.
(1) The Authority shall have powers to impose penalty or interest, in regard to any contravention of obligations cast upon the promoters, the allottees and the real estate agents, under this Act or the rules and the regulations made there under
(2) The Authority shall be guided by the principles of natural justice and, subject to the other provisions of this Act and the rules made there under, the Authority shall have powers to regulate its own procedure
(3) Where an issue is raised relating to agreement, action, omission, practice or procedure that:-
(a) has an appreciable prevention, restriction or distortion of competition in connection with the development of a real estate project or
(b) has effect of market power of monopoly situation being abused for affecting interest of allottees adversely,
then the Authority, may suomotu, make reference in respect of such issue to the Competition Commission of India