Why is RERA so Important?

Real Estate Regulatory Authorities, often known as RERA, is an important regulation that came into effect and has been one of the key points of investment assurance for both investors and end users. The purpose of RERA was to bring transparency, accountability, and standardization to the real estate market. This was a very important step taken towards a more trusted real estate market, as earlier, builders used to run away, or not do timely deliveries. And many other factors, like high costs, cheap construction quality, and fraudulent activities. 

Transparency with RERA

RERA makes real estate investment transparent, as the builder has to disclose every minute detail of the payments, costs, materials used, project dimensions, layout plans, time estimation, and sustainability measures. All these measures are given in a proper manner to the court, which then examines everything and ensures all the measures meet the criteria. Then only the builder gets RERA approval. A builder can only start building after the project gets the RERA approval. Not just the project; the builders also have their own RERA, and even the broker you buy property from must have their RERA number. 

Accountability with RERA

RERA holds the builder accountable for everything that it fails to provide, even a failure to deliver the project within the set timelines can cause penalties if the builder does not clarify the reasons for the cause. One such penalty has come to the attention of Ocean Seven for failing to deliver possession of its project, Expressway Towers, on time, leading to a 10.8% interest payment to 12 allottees.

Standardization with RERA

RERA has standardized the property registration process, making everything seem familiar and transparent for all. Everything becomes easy and systematic; investors know what to ask, and the builder knows they cannot hide any charges anymore. 

RERA: The Game Changer of Real Estate

Came into play in 2016, RERA totally changed the investment and development scenario of real estate in India. Every state has its own RERA, with Gurgaon having GRERA. So, in conclusion, we can say that RERA has been an amazing act that came into play to bring fairness into the real estate market of India.