RERA - Real Estate Regulation Act | India

Zenonentity18 Feb, 2023Real Estate

Protection of home buyers' interests: RERA has been a big step in this direction. To ensure that these monies are only utilised for the specific project, it has mandated that developers set away 70% of the money they receive from home buyers in a separate account. Redress of grievances: RERA gives homebuyers access to a grievance redressal system. In the event of any disagreements with developers, they can approach the regulatory authorities and seek a resolution. Developers have grown more responsible and transparent, and the real estate industry has structured itself. Homebuyers are more comfortable investing in real estate developments because they are aware that the RERA Act would protect their interests.