The 14 spokes of RERA’s protective umbrella
Anuj Puri, Chairman – ANAROCK Property Consultants
The Indian real estate industry, particularly the residential sector, was in the past correctly characterized as being unregulated and unorganized with unreasonable project delays and poor quality of construction being definitive aspects.
The arrival of the Real Estate Regulatory Act (RERA) in March 2016 brought in a paradigm shift in the sector and metamorphosed it into a more mature, systematic and regulated one.
RERA came into force on May 1, 2017, and is meant to be a homebuyer-friendly regime which will address their grievances and promote transparency, efficiency, financial discipline and accountability in the sector.
Indeed, buying a home is not only the most cherished dream for many Indians but also one of the biggest long-term financial commitment in the buyers’ lifetime.
Considering this, there are 14 important guidelines incorporated in the RERA umbrella to prevent unscrupulous players from raining on consumers’ homebuying plans:
1. Enforcing timely delivery of projects
In case of project delays,