The Real Estate (Regulation and Development) Act, 2016 (RERA) is a landmark legislation in India
aimed at regulating and promoting the real estate sector, protecting buyer interests, and ensuring
transparency and accountability. It mandates registration of real estate projects and agents with
regulatory authorities, and requires promoters to disclose comprehensive project information. RERA
also establishes adjudicating mechanisms for speedy grievance redressal.
Key Aspects of RERA:
Regulation and Promotion:
RERA aims to regulate the real estate sector, promoting its development in an efficient and transparent manner.
Consumer Protection:
It seeks to protect the interests of homebuyers by ensuring timely project delivery, preventing fraud, and providing a
mechanism for dispute resolution.
Transparency and Accountability:
RERA mandates the disclosure of project details, including layout plans, approvals, and financial information, to
promote transparency and accountability.
Registration Requirements:
Real estate projects exceeding a certain size (500 sq meters or 8 apartments) and agents dealing with property
sales must be registered with the regulatory authority.
Grievance Redressal:
RERA establishes mechanisms for addressing and resolving complaints and disputes related to real estate
transactions.
State-Specific Regulations:
While RERA is a central act, individual states have established their own RERA authorities and rules
(e.g., GujRERA, HRERA, MahaRERA).
Impact on Homebuyers:
RERA empowers homebuyers by providing them with more information, recourse for delays and defects, and a
more transparent and accountable real estate market.
Impact on Developers:
RERA also brings about more accountability for developers, requiring them to adhere to approved plans, disclose
project information, and address defects promptly.
In essence, RERA aims to create a more trustworthy and efficient real estate ecosystem in India by
fostering transparency, accountability, and consumer protection.
