The Real Estate (Regulation and Development) Act (RERA), 2016
The Real Estate (Regulation and Development) Act (RERA), 2016, a transformative legislation, aims to regulate and promote the real estate sector with efficiency, transparency, and accountability, protecting homebuyers’ interests. Passed in March 2016 and largely effective from May 2017, RERA addresses fair transactions, timely delivery, and quality construction through swift dispute resolution.
Key Features of RERA
- Establishing regulatory authorities and tribunals
- Mandatory project and agent registration (for projects exceeding 500 sqm or 8 units)
- Promoter disclosure of project information
- Compulsory deposit of 70% of project funds in a separate account
RERA Empowers Homebuyers
RERA empowers homebuyers by ensuring informed decisions, curbing unfair practices (carpet area disclosure, standardized agreements), preventing fund diversion, ensuring timely possession, and enabling access to project information and refunds with interest for delays. Ultimately, RERA fosters a more transparent, citizen-centric, and financially disciplined real estate sector.
Source: https://rera.mohua.gov.in/
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