RERA, full form of which is Real Estate Regulatory Authority that facilitates transparency in the home buying process. The RERA Act was passed in May 2016.
Before RERA, real estate was unregulated and was more in favor of builders and developers. Many times, homebuyers had to bear the brunt of a huge loss of project cancellation. In the worst scenario, homeowners need to vacant the society due to the builder’s mistake of not getting government approval for the said project. However, RERA Act has brought transparency and accountability to this sector.
Before RERA Act, builders have their method or formula for calculating the carpet area of a flat or property but under the RERA Act builder needs to clarify how much carpet area they are offering. The price of the property depends on the carpet area. The act has directly impacted the price of the property which a builder charge. Also, builders won’t be able to delay the projects and have to give a due date of the possessions of the flat.
Under this act grievances of the buyers will be addressed and solved quickly. Suppose, if the buyer finds any fault with the construction or anything related to flat construction, then the buyer has the authority to take action against the builder. The buyer can withdraw from the project, in case of any mismatch in the commitment or promises made by the builder.
Under this act, builders and real estate agents will have to register themselves with the regulator while disclosing every detail about the projects. The Act has been helpful for builders as well, as the real estate industry is now more organized and regulated.
Maharashtra is the first state to start the conciliation mechanism under Section 32( g) of the RERA. A dedicated website has been launched, wherein an aggrieved allottee or promoter can invoke the conciliation mechanism set up by MahaRERA.
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