What is RERA (Real Estate Regulatory Act)?
The Real Estate (Regulation and Development) Act, 2016 introduced with a view to establish regulatory authorities at the state level to register residential real estate projects and seeks to regulate contracts between buyers and sellers in the real estate sector to ensure sale of plot, apartment or building, etc. in an efficient and transparent manner.
It also proposes to ensure greater accountability towards consumers, and significantly reduce frauds and delays as also the current high transaction costs.
By imposing certain responsibilities on purchasers and promoters, it attempts to balance the interest of both. It seeks to establish the following:
- Ease of information between the Promoter and Purchaser
- High level of transparency of contractual Conditions
- Set minimum standards of accountability
- A fast-track dispute resolution mechanism