How does RERA seek to benefit you?

Expect transparency: Buying a property in the RERA era means home buyers can now expect a see-through and transparent real estate sector. All kinds of dealings between developers and purchasers or brokers and property buyers is documented, maintained and can be easily tracked to provide maximum clarity. It is mandatory for promoters to register all projects with the State Real Estate Regulatory Authority along with extensive information about them – delivery schedule, layout plan, land status, government approvals, sub-contractors, etc. In short, you know what you get.

Your money is safe: The law has brought both developers and home buyers on equal footing. Therefore, in cases where either the developer delays the project or the buyer defaults, the percentage of penalty payable by either would be same and enforceable. 70 per cent of funds collected from buyers have to be maintained in a separate account and have to be used only for the construction. This will restrict the entry of fly-by-night developers too.

Quick grievance resolution: Unhappy with the project or any related aspect? The Real Estate Authority in every state assures quick redressal mechanisms. Therefore, you no longer would need to feel ignored. This makes erring developers answerable to consumers and any backtracking would be pulled up with a befitting penalty. Compliance is the key.