The Real Estate Regulatory and Authority (RERA) Act in March 2016 has been made in accordance with increasing complaints against the builders or promoters and the real estate agents. RERA is a government body whose sole purpose is to safeguard the interest of buyers as well as lay a path so that the promoters and the real estate agents get a chance to come up with good services. We feel that implementation of RERA across the country is a highly pro-consumer and pro-industry initiative and if implemented in letter and spirit, shall bring transparency and positive change in the Real Estate Industry in the country.
RERA seeks to bring transparency and accountability to the real estate sector. It is now mandatory for Real Estate Projects and Real Estate Agents/Intermediaries to register. There are significant penalties proposed for non-compliances.