RERA (Real Estate Regulatory Authority) is a regulatory body established in India under the Real Estate (Regulation and Development) Act, 2016. It aims to protect the interests of home buyers and promote transparency, accountability, and efficiency in the real estate sector. RERA acts as a statutory authority that governs and oversees the real estate market across the country.
Under RERA, all Indian states and union territories are required to establish their own regulatory authorities and appellate tribunals to regulate real estate transactions within their jurisdictions. These authorities are responsible for the implementation and enforcement of the provisions of the Act.
The primary objective of RERA is to establish a regulatory framework that safeguards the rights and interests of homebuyers, ensures timely completion of projects, promotes fair practices, and imposes penalties for non-compliance. It mandates real estate developers to register their projects with the regulatory authority, disclose important project details, and utilize funds from buyers specifically for construction purposes.
RERA also provides a platform for homebuyers to seek timely redressal for grievances and disputes related to real estate transactions. It sets up Real Estate Regulatory Tribunals to adjudicate disputes and ensures that the interests of both buyers and developers are protected.
Overall, RERA acts as a watchdog in the Indian real estate sector, fostering transparency, accountability, and consumer confidence while promoting healthy and sustainable growth in the industry.
