Intro:
The Real Estate (Regulation and Development) Act, or RERA, has been a game-changer in bringing transparency and accountability to the Indian real estate sector.
Key Benefits of RERA:
Transparency: Builders must disclose project details, including carpet area, delivery timelines, etc.
Timely Delivery: Penalties imposed on developers for delay in possession.
Buyer Protection: RERA ensures funds collected are used for the registered project only.
Dispute Resolution: A fast-track grievance redressal system is in place.
Standardized Practices: Promoters and agents need to register and follow norms.
Conclusion:
RERA empowers homebuyers and creates a fair playing field in the property market. Always check if your property is RERA-registered before buying.