What is RERA?

Description

The Real Estate (Regulation & Development) Act 2016, or commonly known as the RERA, is a Central Act enacted by the legislature on 25th March 2016.

The introduction reads ‘An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto’.

From what can be culled out from the perusal of the Act, RERA aims to protect the home buyer and to increase the sanctity of the real estate market by focusing on transparency.

Objectives of RERA:

  • Regulation and promotion of the Real Estate Sector
  • Ensuring efficiency and transparency in the sale of the unit
  • To protect the interest of consumers in the Real Estate Sector
  • To establish Adjudicating Mechanism & Appellate Tribunal for dispute redressal
  • Speedy dispute resolution

All in all, the RERA is an ambitious and beautiful piece of legislation and the consumers in the Real Estate sector have high hopes and aspirations.

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