The real estate sector which has so long been afflicted by lack of transparency and regulatory mechanisms has been resurrected by the enactment of the RERA Act. This is expected to bring in more investor confidence and growth in the sector. This also ensures that the gullible buyer is not deceived by the sinister designs of builders and developers with mala fide intentions. This article delves into a holistic analysis of the said legislation.

An Elucidation on the RERA Act, 2016

It is imperative for lawmaking bodies to formulate laws that optimize sectors of business through frameworks and regulatory authorities. The Real Estate (Regulation and Development) Act, 2016, as the Act describes it, was enacted for the establishment of a Real Estate Regulatory Authority and for the regulation and promotion of the real estate sector. The primary objective behind the legislation of RERA was to ensure the protection of the interests of homebuyers.

What is RERA?

RERA, or the Real Estate (Regulation and Development) Act, 2016, is legislation aimed at the protection of homebuyers’ interests and fostering a regime of transparency and fairness within. The Act addresses the pitfalls of the existing regime and replaced the same with a regime that defined the rights of homebuyers and the rules and regulations to be followed by the developers. Furthermore, the RERA specifies norms for the development of real estate projects, aimed at bringing greater transparency and accountability into play. Moreover, the RERA provides for the creation of a Real Estate Regulatory Authority and an Appellate Authority in each state for receiving and addressing complaints by the buyers and real estate investors, in case the developer commits wrongs.

Table of Content:

• Real Estate Business in India before RERA – Pre-RERA
• Authorities under the RERA Act
• Obligations on Developers or Promoters by RERA
• Obligations on Buyers by RERA
• Benefits to Buyers under RERA
• Benefits to Developers under RERA
• Impact of RERA
• How to Register Projects under RERA
• A step-by-step guide to file a RERA Complaint
• Penalties for non-compliance under the RERA Act
• Frequently Asked Questions