Which industry is primarily governed by the Real Estate (Regulation and Development) Act of 2016?

The correct option is Property and Housing Industry.

Detailed Explanation:

1. Overview of RERA (2016): The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India designed to protect the interests of home buyers while encouraging investment in the real estate sector.

2. Scope and Governance: The Act establishes the Real Estate Regulatory Authority (RERA) across various states to regulate property transactions, ensure timely delivery of housing projects, and maintain transparency between buyers and developers.

3. Target Sector: Because real estate directly involves land, residential buildings, commercial properties, and housing developments, this law primarily governs the Property and Housing Industry.