The protective umbrella of RERA will transform realty
The 14 spokes of RERA have helped realty become a systematic sector
The Indian real estate industry, particularly the residential sector, wasinthepastcorrectlycharacterized as being unregulated andunorganizedwithunreasonableprojectdelaysandpoorquality of construction being definitive aspects.
The arrival of the Real Estate RegulatoryAct(RERA) in March 2016 brought in a paradigm shift inthesectorandmetamorphosed it into amoremature, systematic and regulated one. RERA came into force on May 1, 2017, and is meant to be a homebuyerfriendly regime which will addresstheirgrievancesandpromote transparency, efficiency, financialdisciplineandaccountability in the sector.
Indeed, buying a home is not only the most cherished dream for many Indians but also one of the biggest long-term financial commitment in the buyers’ lifetime. Considering this, there are 14 important guidelines incorporated in the RERA umbrella to prevent unscrupulous players from raining on consumers’ home-buying plans:
1. Enforcing timely delivery of projects