Decoding RERA: Why It Matters for Homebuyers

Buying a house is one of the most important financial decisions of a person's life. However, the Indian real estate market was exposed to long delays, a lack of transparency, and unilateral builder practices. To protect home buyers and bring responsibility for the sector, the government introduced the RERA Act (Real Estate Regulatory Authority) in 2016.The Property (Regulation and Development) Act, 2016, often known as RERA, was created to regulate the real estate sector and protect the interests of home buyers. Before RERA, buyers often faced problems such as delays in the project, false promises, and lack of clarity in the builder-linear agreements. With RERA in place, developers must register their projects and provide all the necessary details, and ensure greater transparency in real estate transactions.According to the RERA ACT, housing and commercial projects over 500 square meters or more than 8 units should be registered. Home buyers can now check the project's details - including approval status, delivery timeline line and litigation history - through the RERA portal of the respective state. This openness enables better decisions and ensures that you only invest in approved real estate projects.One of the main benefits of RERA for home buyers is occupied at a time. Builders are now legally obliged to complete the projects on time. If they fail, they must pay interest to the buyer for each month with a delay, so that the developer can be held accountable for the project deadline. This provision has significantly reduced the uncertainty in real estate investment.With the strength of RERA, developers can no longer change the project plan or design without the buyer's consent. In addition, they must clearly define the carpet area, the payment program, and the additional fee. This reduces the costs hidden in property agreements and ensures buyers know what they are paying. Each buyer now deserves a transparent and fair agreement.