Real Estate Regulatory Authority, also known as RERA, established under The Real Estate (Regulation and Development) Act, 2016 (RERA Act), is a regulatory body which regulates the real estate sector and acts as an adjudicating body for dispute resolution pertaining to the real estate sector.
The RERA Act came into force in part, where some provisions were effective from 01 May, 2016 and the remaining on 01 May, 2017. The RERA Act was made compulsory for all States and Union Territories to establish its own regulations and formulate the rules that will control the functioning of the regulator i.e. RERA.
The real estate sector was highly unregulated. The home buyers felt that they were exploited when they went to transact with the developers. The aim of the Government, by bringing into force the RERA Act, is to create a more just and fair transaction between the seller and the buyer of properties. The sole purpose of RERA is to make real estate purchases uncomplicated along with maintaining accountability and transparency, provided the States does not dilute the essence of the RERA Act.
The benefits are:
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