What is RERA?
The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was enacted to protect home buyers and boost investments in the real estate sector. It aims to bring transparency, accountability, and efficiency to the industry.
Key Benefits for Home Buyers
1. Project Registration
All residential and commercial projects must be registered with RERA before advertising or selling. This ensures that only legitimate projects reach the market.
2. Standardized Carpet Area
RERA has standardized the definition of carpet area, eliminating confusion and ensuring you know exactly what you are paying for.
3. Advance Payment Cap
Developers cannot demand more than 10% of the property cost as an advance before signing a registered agreement.
4. Timely Delivery
Builders must adhere to project timelines. Delays can result in penalties and compensation to buyers.
5. Quality Assurance
Developers are liable for structural defects for up to 5 years after possession.
How to Verify RERA Registration
Always check the RERA registration number of any project before investing. You can verify this on your state RERA website.
