RERA stands for Real Estate (Regulation and Development) Act, which is a central law enacted by the Indian parliament in 2016 to regulate the real estate sector in India. The law aims to promote transparency, accountability, and efficiency in the real estate sector and to protect the interests of homebuyers.
Some of the key features of RERA include:
- Registration of real estate projects: Any new real estate project with more than eight units must be registered with the RERA authority before the project can be marketed or sold.
- Disclosure of project details: The law mandates that developers provide detailed information about the project, such as the project layout, approved plans, schedule of completion, etc.
- Deposit of project funds: Developers must deposit 70% of the funds collected from homebuyers in a separate bank account to ensure that the funds are used only for the construction of the project.
- Establishment of RERA authority: The law requires each state to establish a Real Estate Regulatory Authority (RERA) to oversee the implementation of the law and to resolve disputes between developers and homebuyers.
- Rights and responsibilities of homebuyers: The law provides homebuyers with several rights, such as the right to receive information about the project, the right to timely possession of the property, and the right to demand compensation for any delays or defects in the property.
Overall, RERA has helped to bring about greater transparency and accountability in the real estate sector in India, which has been plagued by several issues such as delays in project completion, unfair practices by developers, and lack of trust among homebuyers.
Project Under Construction Builder/Authority Not Giving Possession Refund/Possession/Delay Penalty From RERA
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