RERA Explained
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About RERA
Why RERA?
RERA which stands for The Real Estate (Regulation and Development) Act, 2016 was enforced in India
from 1 May, 2017. The major focus of the Act was to check the growing cases of builder’s delayed
possessions and defaults and safeguard the interest of the buyers.
RERA’s major focus is to regulate the Real Estate Sector by incorporating complete transparency in real
estate transactions. The act also aims at keeping a check on the excessive transaction costs, reduce
fraudulent practices and establish accountability of every individual in any transaction.
RERA is formulated by the central government of India and is applicable to six Union Territories and to
the States with a few alterations.