RERA – Real Estate (Regulation & Development) Act
Objectives of RERA (Real Estate Regulation & Development Act):
- Ensure accountability towards allottees (property end-users) and protect their interest.
- Infuse transparency, ensure fair play and reduce frauds and delays.
- Introduce professionalism and pan India standardization among realty players.
- Establish symmetry of information between the promoter (builder/developer) & allottee.
- Imposing certain responsibilities on both the promoter & allottee.
- Establish regulatory oversight mechanism to enforce contracts (e.g. agreement / deals).
- Establish fast track dispute resolution mechanism.
- Promote good governance in the sector, which in turn would create investor confidence.