The Government of India established the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation and Development) Act, 2016. This was a decisive step forward in regulating the real estate industry, bringing in more transparency into real estate deals. RERA also successfully addresses the different issues that real estate investors may face during the process of their property transactions.
The establishment of RERA has brought professionalism into the real estate industry and has standardization in the sector across India. The greater transparency afforded by RERA has enhanced the flow of information between the sellers and buyers of real estate. The implementation of this Act has also minimized the chances of fraud and cheating, which is a significant step forward.
RERA has effectively brought in higher accountability and a streamlining of the processes involved in real estate transactions and deals. Real estate development companies are now legally responsible for their development projects and the promises made to buyers of property. RERA protects the allottees’ rights and interests, and this has evoked a great deal of faith in buyers of property.
There are greater responsibilities on both sellers and buyers, and RERA significantly impacted the reliability of the real estate sector. The air of uncertainty that dogged the industry has cleared with the emphasis on mandatory registration and approval of projects. The introduction of RERA and the standardization of practices has revitalized the industry, and more buyers are entering the market.
All development projects being launched are to be registered with RERA, which has brought about more accountability in the sector. The Act prohibits unaccounted money from being pumped into the industry and has subsequently brought about clarity in land dealings. RERA has also made it mandatory for disclosure of the carpet area of developments, which has greatly aided home buyers.
Tata Carnatica prelaunch residential township at Devanahalli, North Bangalore.