What is RERA?
The real estate industry in India has undergone significant changes with the introduction of The Real Estate (Regulation and Development) Act, 2016 (‘RERA Act’). It aims to regulate and promote the real estate sector by regulating the transactions between buyers and promoters of residential as well as commercial projects. It was specifically designed to protect homebuyers and bring accountability to the sector. RERA has established a framework for transparency in property transactions. Whether you are a buyer, seller, or investor, understanding RERA and its benefits is essential for making secure and informed real estate decisions.
What is the Full Form of RERA?
The full form of RERA is the Real Estate Regulatory Authority. It is a government body established under the RERA Act in each state, to regulate the real estate sector and protect the interests of homebuyers.
What is RERA in Real Estate?
RERA aims to bring transparency, accountability, and standardisation to real estate transactions. It governs real estate projects and agents, ensuring that developers adhere to fair practices, and buyers are safeguarded against fraud or delays.
Key Features and Benefits of RERA
1) Transparency in Real Estate Projects:
Developers must register their projects under RERA before marketing or selling them.
All project details, including layout plans, approvals, and timelines, are disclosed on the RERA website.
2) Timely Completion of Projects:
RERA mandates that builders complete projects within the agreed timeline.
In case of delays, developers are liable to pay compensation to buyers.
3) Standardisation of Practices:
RERA prevents misleading advertisements or misrepresentation of project details.
4) Dispute Resolution:
• RERA establishes an appellate tribunal to resolve disputes between buyers and developers.
What is RERA Approval?
A RERA-approved project is one that complies with all the guidelines and regulations set by the Real Estate Regulatory Authority. Buying a RERA-certified property ensures that:
- The project is legally approved
- The developer has disclosed all necessary details
- Buyers are protected against fraud or delays
Why is RERA Important for Buyers?
Protection from Fraud: Buyers can verify the authenticity of projects and avoid unregistered or non-compliant developments.
Fair Pricing: Standardisation of pricing ensures buyers pay only for usable areas.
The introduction of RERA has significantly transformed the real estate sector, offering a more secure and transparent environment for buyers and investors. Understanding RERA and its implications ensures that you make well-informed decisions when buying or investing in property.
For more details on RERA and related real estate processes, refer to credible sources such as the RERA’s official websites as follows:
1) Andhra Pradesh – https://rera.ap.gov.in/RERA/Views/Home.aspx
2) Tamil Nadu – https://rera.tn.gov.in/
3) Telangana – https://rera.telangana.gov.in/
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