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Homebuyers were earlier subjected to harassment by builders and developers. Homebuyers use to complain that real estate transactions were in favour of developers. Therefore, RERA became Indian real estate’s first regulator.
The main object of Real Estate (Regulation and Development) Act, 2016[1] (RERA) is to enhance transparency in the real estate related transactions by creating a organised and a uniform regulatory environment, thereby protecting the interest of customers or buyers and making real estate developers liable for timely completion of projects along with committed specifications, facilities and amenities.
It helps buyers in the following aspects:
Separate Project Account
Registration of all projects
Disclosure and Transparency of Project Details
Selling Apartments on carpet Area Basis
Developers are Prohibited from Making any Changes in the Sanctioned Plan
Developers liable for any structural defect
Anti-Discriminatory Clause to prevent consumer discrimination
Penalty for project delays
Buyers can claim possessions
Promoters have to execute a registered conveyance deed
We have discussed how it will help buyers. Let’s now take a look at its benefits for not only buyers but also for developers and agents.
The benefits for buyers are as follows:
The benefits for developers are as follows:
The benefits for agents are as follows:
It may also be noted that under RERA appellate tribunals are set up so that the disputes between buyers and builders can be solved. It provides for resolution of disputes within prescribed time period.
Read our article: Statutory Provisions of RERA: Registration Process, Documents, Offences, etc.
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