The Real Estate (Regulation and Development) Act, 2016 (RERA) protects homebuyers and promotes transparency in the real estate sector. It ensures timely project completion, fair practices, and legal remedies for property disputes.
RERA was enacted to address the challenges faced by homebuyers and to regulate the real estate sector, which was previously largely unregulated. The Act aims to enhance accountability, ensure efficiency and transparency, and reduce frauds and delays.
Under RERA, real estate projects and agents must be registered with the regulatory authority, and developers must comply with specific requirements regarding project disclosures, timelines, and quality standards.