What is RERA? How will it impact the home buyers?
Indian Real Estate market has gone through a lot of transformation over a period of time in terms of markets, products, and many regulations. The most revolutionary legalization in real estate sector is the introduction of RERA (Real Estate Regulation & Development Act) 2016 which intends to bring some amazing reforms and transparency and accountability in the sector. RERA not only mandates compulsory registration for Real Estate projects/Agents/Intermediaries and host of disclosures are required to submit by the promoters of the projects. If any such promoters failed in registering there is significant penalties for noncompliance but the buyers and allottees are bestowed with abundant of rights protected. The act is basically to fast track the mechanism and addresses the grievances. Quickly let’s see in short the Objective of RERA: Promotion of effective and transparent Real Estate Transactions and for Consumers Protection. Establishment of Regulator for regulatio...