About Rera

RERA Simplified: What, Why, and Who?

What is RERA?

RERA stands for the Real Estate (Regulation and Development) Act. It’s a law brought in 2016 and this law was pass on 105/2016 in India that aims to protect homebuyers and promote transparency in the real estate sector. Think of it as a superhero cape for homebuyers!

Why Was IT Created?

Great question! RERA came into existence because:

  • Transparency: Before RERA, real estate transactions were like mysterious treasure hunts. Buyers didn’t always know what they were getting into. IT changed that by making builders disclose all project details upfront.
  • Timely Delivery: Ever waited for your pizza delivery? Imagine waiting for your dream home! RERA ensures that builders complete projects on time. If they don’t, they face consequences.
  • Quality Assurance: IT ensures that the promised quality matches reality. No more “luxury” apartments turning out to be cardboard boxes!

Whom Does RERA Apply To?

RERA covers:

  • Builders and Developers: They must register their projects with RERA before selling any flats or plots.
  • Real Estate Agents: They need to register too. They’re like matchmakers between buyers and builders.
  • Homebuyers: RERA gives them superpowers—like the right to know everything about the project and the builder.

 

How Does IT Work?

Project Registration

Builders must register their projects with the state RERA authority. This includes sharing project plans, timelines, and financial details.

Transparency

Builders must publish all project-related info on the RERA website. Buyers can check it out and make informed decisions.

Escrow Account

Builders must deposit 70% of the project funds in a separate bank account. This ensures they use the money for that specific project only.

Timelines

Builders must stick to the promised timelines. If they delay, they owe buyers compensation.

Quality Control

Builders can’t compromise on quality. If they do, they face penalties.

Citizen Centricity

Citizens shall be able to view, on Rajasthan RERA website, all disclosures pertaining to registered projects. This shall enable data driven informed decision making.

Quick FAQs:

  • Why Should I Care? Because it protects your rights as a homebuyer. It’s like having a shield against shady practices.
  • Is RERA Only for Big Cities? Nope! IT covers projects across India, big or small.
  • Can I Complain? Absolutely! If you face issues, complain to your state RERA authority. They’ll sort it out.
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