The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was introduced to protect homebuyers and bring transparency to real estate transactions in India.
What Is RERA?
RERA regulates residential and commercial real estate projects. It mandates registration of projects and real estate agents with state RERA authorities.
Who Is Covered Under RERA?
RERA applies to:
- Builders and promoters
- Real estate agents
- Residential and commercial projects
Certain small projects may be exempt depending on state rules.
Rights of Homebuyers Under RERA
Homebuyers have the right to:
- Timely possession of property
- Accurate project information
- Refund with interest for delays
- Compensation for defects
- Legal remedy through RERA authority
These rights significantly empower buyers.
Obligations of Builders
Builders must:
- Register projects under RERA
- Maintain separate escrow accounts
- Adhere to approved plans
- Disclose project details regularly
Non-compliance attracts penalties.
Delay in Possession Under RERA
If possession is delayed, buyers can:
- Withdraw and claim refund with interest
- Continue with project and receive compensation
RERA ensures accountability.
Filing a Complaint Under RERA
Complaints can be filed:
- Online through state RERA portal
- Before adjudicating officer
The process is faster than civil courts.
Online Legal Advice for RERA Cases
Online property lawyers help file RERA complaints, calculate compensation, and handle builder disputes efficiently.
Conclusion
RERA has transformed real estate law in India. Awareness of rights ensures homebuyers are protected from unfair builder practices.