The Real Estate (Regulation and Development) Act, 2016 is a law passed by the Indian Parliament to regulate the real estate sector in India. It aims to protect the interests of homebuyers, promote transparency and accountability in the real estate sector, and establish a regulatory mechanism for the orderly growth of the industry.

Some of the key provisions of the Act include the establishment of a Real Estate Regulatory Authority (RERA) in each state to oversee the real estate sector, mandatory registration of all real estate projects with RERA, mandatory disclosure of project details and financial information by developers, and mandatory deposit of a certain percentage of project funds into an escrow account to ensure timely completion of the project.

The Act applies to all stakeholders in the real estate sector, including developers, real estate agents, and homebuyers. It applies to both residential and commercial real estate projects.

The Real Estate Act, 2016 benefits homebuyers by providing them with greater transparency and protection. Homebuyers can now access detailed information about the project, including the status of approvals, the project timeline, and the developer's track record. The Act also ensures that developers adhere to strict timelines for project completion and provides a fast-track dispute resolution mechanism.