RERA stands for Real Estate Regulatory Authority which was introduced in 2016 and also known as RERA, 2016. The motive of this act is to safeguard the interest of the consumers in the Real Estate Sector. It also promotes transparency and standardization in the business practice conducted in the Real Estate Sector.
The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
With the introduction of RERA consumers indulge in real estate feel empowered and protected. The buyers have the right to file complaint in case of any fraud and unhealthy business practice. Though, it is the duty of buyer to confirm that their builder is registered under RERA.