The Real Estate Regulatory Authority (RERA) was established under the Real Estate (Regulation and Development) Act, 2016 to regulate the real estate sector and protect the interests of homebuyers. RERA aims to bring transparency, accountability, and efficiency in real estate transactions. It mandates registration of real estate projects and agents before advertising or selling properties. Builders are required to disclose project details, timelines, approvals, and financial information. RERA ensures timely completion and delivery of projects. It prevents unfair practices and misleading advertisements by developers. Homebuyers get access to accurate and reliable information. RERA applies to residential as well as commercial projects. Each state has its own RERA authority. The Act promotes standardization of agreements. Builders must deposit a portion of project funds in a separate escrow account. RERA strengthens buyer confidence in the real estate market.

RERA provides a dedicated grievance redressal mechanism for homebuyers. Buyers can file complaints for delay in possession, poor construction quality, or violation of agreements. The Authority has the power to impose penalties on defaulting builders. Compensation, refund, or interest may be awarded to aggrieved buyers. RERA ensures faster resolution of disputes compared to traditional courts. Orders passed by RERA are legally binding. Appeals against RERA orders lie before the Real Estate Appellate Tribunal. Strict compliance with timelines is enforced. RERA promotes fair practices and ethical conduct in the sector. It safeguards investments of buyers. Developers are held accountable for commitments made. RERA has significantly improved transparency and discipline in the real estate industry.