RERA

RERA

RERA stands for Real Estate (Regulation and Development) Act, a significant legislation passed by the Indian Parliament in 2016. The primary goal of RERA is to regulate and promote transparency in the real estate sector. The Act aims to protect the interests of homebuyers and boost investments in the real estate industry by introducing regulations, accountability, and transparency.

Key features of RERA include:

• Registration of Real Estate Projects: Developers are required to register their projects with the Real Estate Regulatory Authority (RERA) before advertising or selling any real estate property.
• Disclosure of Project Details: Developers must provide detailed information about the project, including layout plans, carpet area, completion schedule, and approvals.
• Standardized Sale Agreements: RERA mandates the use of model sale agreements to ensure fairness and transparency in real estate transactions.

RERA has brought about significant changes in the real estate sector, making it more accountable and consumer-friendly. The Act has empowered homebuyers and increased trust in the market by ensuring timely delivery of projects and protecting buyers from unfair practices.