Overview of RERA

The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted to regulate, promote, and bring accountability to the Indian real estate sector. It establishes the Real Estate Regulatory Authority (RERA), ensuring transparency, financial discipline, timely project delivery, and protection of homebuyers’ interests. The Act mandates registration of projects and real estate agents, and provides a fast-track mechanism for dispute resolution.

Key Provisions and Objectives

• Project Registration

Developers must register their real estate projects with the respective RERA authority before beginning construction or marketing any units.

• Registration of Real Estate Agents

All agents involved in property transactions must obtain mandatory registration with the RERA authority.

• Transparency & Mandatory Disclosures

Promoters are required to disclose key information such as:

• Project layout and timelines

• Approvals and land titles

• Financial details and utilization of funds

• Financial Discipline

Promoters must ensure responsible management of project finances, including dedicated usage of collected funds for the specific project.

• Dispute Resolution Mechanism

RERA establishes a quasi-judicial authority and conciliation forum to provide speedy, consumer-friendly solutions to disputes between buyers, developers, and agents.

• Buyer Protection

The Act safeguards homebuyers by ensuring:

• Timely delivery of projects

• Accurate and verifiable project information

• Access to accountability measures and legal remedies

Structure & Implementation

• Central Law, State-Level Enforcement

While RERA is a central legislation, its implementation is carried out by state-specific RERA authorities (e.g., MahaRERA in Maharashtra).

• Wide Applicability

RERA regulations extend to both residential and commercial real estate projects.

• Effective Date

The Act became fully operational on May 1, 2017, with all sections coming into force on this date.

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