The real estate sector has always been one of the most dynamic industries, but for decades, it was plagued with issues such as project delays, lack of transparency, and exploitation of homebuyers. To bring order to this chaos, the Government of India introduced the Real Estate (Regulation and Development) Act, 2016 (RERA)—a landmark legislation that has reshaped the housing landscape in the country.
Why RERA Was Needed
Before RERA, buying a home often felt like a gamble. Builders could delay projects, change layouts, or leave buyers helpless. This lack of accountability created mistrust in the real estate market. RERA came as a shield for homebuyers and a guiding framework for developers, making real estate more transparent and reliable.
Key Features of RERA
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Transparency in Projects – Builders must register projects with RERA before advertising or selling.
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Timely Delivery – Developers are liable to complete projects within the promised timeline.
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Buyer Protection – Homebuyers can access all project details online, ensuring clarity.
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Fair Transactions – Builders can only take 10% of the property cost as advance before signing an agreement.
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Grievance Redressal – RERA authorities provide quick dispute resolution for buyers and builders.
Impact of RERA
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Boost in Buyer Confidence: People feel safer investing in property.
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Regulated Builders: Developers now follow strict compliance norms.
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Organized Market: The real estate industry has become more structured and trustworthy.
Challenges Ahead
While RERA has transformed the real estate sector, challenges such as slow dispute resolution, uneven implementation across states, and lack of awareness among buyers still remain.
Conclusion
RERA is more than just an act—it is a promise of trust. By ensuring accountability, transparency, and fairness, RERA is helping build not just homes but also confidence among millions of Indians. Truly, it is “Building Trust, Brick by Brick.”