RERA (Real Estate Regulatory Act) was implemented a year ago, which came as a revival of Real Estate by bringing in the transparency and accountability in project-marketing and execution through registering the projects with Real Estate Regulatory Authority.
The establishment of RERA was important because the home buyers complained about the false promises and delays from the developers. The aim of the act was to bring impartiality to the primary market and make the process of purchasing the property hassle free for the home buyers and sellers as well. The transparency was required in order to alienate the biasness from the Real Estate market.
RERA has made it mandatory according to their jurisdiction states and union territories can form their own regulator and decide the rules to operate the regulator.
As it’s a one-year celebration of RERA, it has seen some real achievements and enhancement in the market, but there is a bigger picture to achieve through this step once all the states will act in the accordance with RERA, however it may take some more time.
Since the RERA has implemented, some states have seen the major achievements as the developers are following the process which is why the projects are being registered and the results are constructive. The initial period of the act was to get an idea that what needs to be considered and what needs to change.
RERA has brought a ray of hope for the buyers as well as confidence and accountability on the part of real estate developers, it brought an image back to them on which they can confidently assure the buyers and they will trust them. However, there is so much left to happen through RERA but it has changed so many criteria in the Real Estate market.