Real Estate Act & Real Estate Regulation Authority (RERA) – Why Is RERA Needed?

What Is Real Estate Act?

Real Estate (Regulation and Development) Act, 2016 was given assent on March 25, 2016, from the President of India and came into force in May 2017.

The Act was enacted with a view to establishing an Authority for regulation and promotion of the real estate sector in India.

What Is Real Estate Regulation Authority (RERA)? Why Is RERA (Real Estate Regulatory Authority) Needed?

The Act under Section 3 mandates prior registration of real estate projects with the Real Estate Regulation Authority (RERA). Rera is needed for transparency in the real estate industry.

It was brought to action to eradicate the existing discrepancies and problems within the sector. With RERA, every builder or developer is required to inform home-buyers about the progress of construction, offer the keys to their property by the mentioned date, and abide by every rule outlined by RERA.

RERA decides to revisit it’s own order to re-look at flat buyers complaints