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The Government of India implemented the Real Estate Regulatory Authority (RERA) bill in 2016. It was introduced to protect the interests of homebuyers and boost real estate investments across the country.
The Act came into force on and from 1 May 2016, and only 52 sections of its 92 ones were notified. The remaining 40 provisions became effective from 1 May 2017 onwards. You can find key information on different state RERA online on their official websites.
It is always a smart choice to pick a RERA registered property. Avail a Home Loan in a few simple steps with Tata Capital.
The Indian government introduced the RERA Act in 2016 to eliminate the problems prevalent in the real estate industry. It was also implemented to address the concerns of various industry stakeholders and safeguard their interests against ill practices.
The primary objective of RERA is to bring positive changes across every aspect of the industry. Through various reforms and regulations, it aims to increase transparency and promote uniformity in the home buying process for every buyer, broker, builder, and real estate agent.
As a result, numerous RERA communities have been set up across different states in India, following the rules and guidelines specified by the Act. All the builders and developers are mandated by law to register their projects with these state bodies for approval.
Of the various advantages of RERA, standardisation of the carpet area is perhaps the most beneficial. Unlike before, there is a standard formula now that builders can use for calculating carpet area. The Act also prohibits promoters from advertising inflated carpet areas to increase the selling price.