RERA stands for the Real Estate Regulatory Authority of the country of India. It is an important legislation that was brought into practice in India to regulate the real estate industry. It safeguards the rights of a homebuyer while promoting transparency and accountability within the transaction of real estate.

Key Provisions of RERA:

All real estate projects, residential or commercial, covering an area of 500 square meters or more, or containing eight or more units, are compulsorily required to be registered under RERA

Project details: The builders are directed to declare project information such as plan, amenities, timelines, and prices

Registration of complaints: RERA has a grievance redressal mechanism available for the homebuyers for raising complaint against the developers for non-compliance with or contravention of the provisions of RERA.

Consumer Protection: Interest of home buyers is safeguarded under RERA by timely possession delivery and prohibition of any unscrupulous activity.

Escrow Account: Builders are compulsorily required to maintain an escrow account. A percentage of funds generated from a project has to be kept into it so that money is spent for its intended use .

Other Real Estate Laws in India:

Registration Act, 1908: Dealing with registration of property documents.

Stamp Act: The stamping of the property documents falls under this law.

Transfer of Property Act, 1882: Has defined the rules for the passing of property.

Urban Land Ceiling and Regulation Act, 1976: Defines the cap on holding land in the urban area.

Land Acquisition Act, 1894: Manages acquisition of land for public purposes.

Problems in the Real Estate Industry:

Delayed Delivery: One of the severe problems in the real estate industry is that the project is delivered late.

Quality Issues: Mostly, the quality of construction and all the other amenities raise issues in front of homebuyers.

Fraud and Misrepresentation: Builders often indulge in fraud and misrepresentation.

Lack of Transparency: Various instances have been discovered wherein property deals are executed in a non-transparent manner.

RERA is an important step toward addressing such issues and ensuring protection for homebuyers. At the same time, buyers must take responsibility to be aware of their rights and conduct proper due diligence prior to investing in real estate.