RERA stands for Real Estate Regulatory Authority. It is a regulatory body or authority established by the government in many countries, including India, to regulate and promote transparency, accountability, and efficiency in the real estate sector. The primary purpose of RERA is to protect the interests of homebuyers and investors and to promote fair practices in the real estate industry.
In India, the Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was enacted by the Parliament to regulate the real estate sector and establish a regulatory authority in each state and union territory.
Some key features of RERA in India include:
Mandatory Registration: Developers and real estate agents must register their projects and themselves with the respective state's RERA authority before advertising, marketing, or selling any real estate projects.
Disclosure of Information: Developers are required to provide detailed information about their projects, including project plans, layout, carpet area, amenities, delivery timeline, and legal approvals.
Escrow Account: Developers are required to deposit a specific percentage of the project funds in a separate bank account called an escrow account. This ensures that the funds are used for the specific project's development and prevents the diversion of funds.
Carpet Area Definition: RERA defines the carpet area clearly, ensuring that buyers know the exact usable area of the property they are purchasing. This prevents misleading marketing practices and provides clarity to buyers.
Grievance Redressal: RERA provides a mechanism for addressing complaints and grievances of homebuyers and investors. It establishes state-level Real Estate Regulatory Authorities and Real Estate Appellate Tribunals to handle disputes and resolve complaints in a time-bound manner.
Penalty for Non-Compliance: RERA has provisions for imposing penalties and fines on developers, agents, or buyers for non-compliance with the regulations. This acts as a deterrent against fraudulent practices and non-compliance with the provisions of the act.
RERA aims to create a transparent and accountable real estate sector, protect the interests of buyers, and promote fair practices in the industry. It has brought significant reforms and enhanced consumer confidence in the real estate market.
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