RERA or the Real Estate (Regulation and Development) Act, 2016 passed in March 2016 in the Indian parliament is the law which attempts to streamline the Indian Real Estate Industry. This Act has been implemented throughout the nation from May 1st 2017. RERA, also a government body with the namesake of its governing law, will deal with the regulation, execution and functioning required in channelizing the builders, buyers and real estate agents of the industry, encouraging them to indulge only in fair practices and contribute in the wholesome development of the country.
RERA has been hailed as a buyer-friendly law, one which will bring accountability, reliability and transparency to the real estate industry of our country. The Minister of Housing and Urban Poverty Alleviation has also affirmed that it is one of the most consumer friendly laws and that states have no power to dilute its provisions. He also has said that the law will make “buyer the king”. [Read more…]