In response to the crisis, the Parliament of India passed the Real Estate (Regulation and Development) Act, 2016 to protect home-buyers and the real estate industry. The act created the Real Estate Regulatory Authority (RERA) which is responsible for regulating the real estate industry and for addressing disputes for non-delivery. The act also makes it mandatory to register real projects with a clear deadline. This was followed by the Modi government's demonetization of ₹500 and ₹1000 banknotes. One of the stated aims of such an action was to curtail the widespread use of black money in real estate transactions.