RERA: The revolutionary reform that redefined real estate

RERA: The revolutionary reform that redefined real estate
Since its enactment in 2016, the Real Estate (Regulation and Development) Act also known as RERA has completely revolutionized the Indian real estate sector's landscape. It is also considered as an important milestone in the industry.

RERA is an act of parliament of India that seeks to safeguard the home owners from exploitation as well as a means to help boost the investment in the real estate industry.

What is RERA?
In simple words, it is a law that protects the home buyers interest in India. It gives the buyer rights such as the right to a refund on the basis of non completion of a project. All developers are required to register their projects with RERA.

When was RERA Introduced in India?
RERA was introduced by Lok Sabha on 15th March 2016 and it was effective by 1st May, 2016. It has introduced a sense of transparency, consumer protection and accountability and aims to reform the industry by ensuring fair transactions.

Ever since its enactment RERA brings the following to the table:

1. Quality Focus - By registering their projects with RERA, developers are bound to deliver projects of high quality as this act has a provision for developers to maintain high standards of construction. RERA also provides that all the design specifications and building codes should be adhered to so as to avoid unpleasant surprises to the homebuyers at the time of possession

2. Enhanced transparency- RERA promotes fair practices in the industry by acting as a watchdog to protect the interest of the homebuyers. The homebuyers now don't have to nag the developers about the project details and delivery timelines as RERA makes sure that developers provide timely and accurate information about the project.

3. Grievance Redressal Mechanism - RERA brings in a structured redressal mechanism for all homebuyers' grievances. This helps them in resolving conflicts and promoting fairness to avoid issues between the buyer and seller

4. Interest protection of the homebuyers- Since RERA has made it mandatory for developers to register their projects with the regulatory authority alongside providing detailed information on legal documentation, project plans and finances. This has enabled the buyers to check the credibility of the developers before they invest their hard earned money into a project.

All in all, RERA has created a positive effect within the real estate scenario in India and brought a sense of much needed accountability and discipline in the industry.

The once murky and unpredictable real estate market has now become more reliable and credible owing to RERA and it is a welcome change.

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