What Do You Need to Know of RERA Act in India?

To facilitate transparency in the Indian real estate sector, the government rolled out the RERA Act. This act was formed to address the grievances of home builders, buyers, and brokers and aimed to bring in transparency in the country’s real estate sector.

The Real Estate Regulatory Authority (RERA full form) was brought into action to –

• Eradicate the existing discrepancies of the real estate market. 
• Solve grievances and issues within the real estate sector. 

With this act in place, every developer must inform home purchasers regarding the progress of home construction. Also, as per the RERA Act, home constructors must –

• Abide by all rules outlined by the Real Estate Regulatory Authority.
• Ensure accountability. 
• Hand over the keys of the property within the mentioned date. 

Of the numerous benefits, first time home buyers can experience with RERA in action in most Indian states, ensuring transparency and promoting uniformity is the primary. 

Key benefits of Real Estate Regulatory Authority
Some of the positive changes brought about by the authority are –

• It aims to minimize project delays and property mis-spelling. To do this, the authority has made it mandatory for all developers to register their projects under RERA before starting its construction. 
• Strives to protect the interests of both home purchasers and builders alike. 
• Bring about transparency and hold more accountability within the country’s real estate sector. 

Now that you know all about the RERA Act, you can apply for a home loan and invest in any of the RERA registered projects in India.

Also Read: Know What Is Mortgage in RERA in Uttar Pradesh