There has been multiple opinions and statements given out by various sources on the implementation of RERA. Here is a summary of RERA and its implications.
The Real Estate (Regulation and Development) Act (RERA) is an act which is passed by the parliament in 2016 and was notified and enforced by the Union Ministry of Housing in 2017. RERA is an act which predominantly safeguards the homebuyers, thereby marking a new beginning in the era of the Indian Real Estate.
Applicability - Any project over 500SQFT or a building having more than 8 flats has to come under the RERA act. This ensures that even the smallest of projects come under this act.
Individual project accountability - It makes it mandatory for the builder to allot 70% percent of the buyer's advances into separately maintained project account.
Complete disclosure of project details - The buyer is entitled to know each and every details pertaining to the project and it's development.
