The Real Estate Regulation and Development Act (RERA) has been a game-changer for homebuyers in India. Here is everything you need to know about your rights and protections under RERA.
What is RERA?
RERA is a landmark legislation enacted in 2016 to protect homebuyers, promote transparency, and regulate the real estate sector. It mandates that all commercial and residential projects register with the state RERA authority.
Key Benefits for Homebuyers
- Mandatory project registration and disclosure
- Standardized carpet area calculation
- Escrow account for project funds (70%)
- Penalty for delayed possession
- Defect liability period of 5 years