RERA (Real Estate Regulation and Development Act) is a central law enacted by the Indian government in 2016 to regulate the real estate sector in India. Some key provisions of RERA are:
1. Registration: Developers must register their projects with the state Real Estate Regulatory Authority (RERA) before launching or advertising them.
2. Transparency: Developers must disclose all project-related information, including project plans, layouts, and completion timelines.
3. Escrow Accounting: Developers must maintain a separate bank account for each project to ensure that the funds are used only for the intended purposes.
4. Carpet Area: The sale of real estate properties must be done on the basis of the carpet area, and not the super built-up area.
5. Structural Defects: The developer must rectify any structural defects in a project for a period of five years after the delivery of the project to the buyers.
6. Grievance Redressal: RERA has provisions for the establishment of a state-level regulatory authority to address complaints from home buyers.
7. Penalty: RERA has provisions for imposing penalties on developers for non-compliance with the law.
RERA aims to protect the interests of home buyers and promote transparency in the real estate industry.
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