What are the objects and reasons for which the Real Estate (Regulation and Development) Act 2016 has been framed?

The Real Estate Act is intended to achieve the following objectives:

1) ensure accountability towards allottees and protect their interest;

2) infuse transparency, ensure fair-play and reduce frauds & delays;

3) introduce professionalism and pan India standardization;

4) establish symmetry of information between the promoter and allottee;

5) imposing certain responsibilities on both promoter and allottees;

6) establish regulatory oversight mechanism to enforce contracts;

7) establish fast- track dispute resolution mechanism;

8) promote good governance in the sector which in turn would create investor

confidence.