What is the Full Form of RERA?

India is developing at a fast pace and it continues to consolidate its position as one of the major players in the global market. It could be possible due to the growth of various industries and businesses which also contributes to the increasing the real estate prices. To control the surge, and safeguard the interest of the vendee, the GOI has established an act called Real Estate (Regulation and Development) Act, 2016 or RERA. RERA full form is the Real Estate Regulatory Authority that supervises and manages the real estate sector of all states in India.

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What is the RERA Act?

The RERA Act 2016 was passed by the Parliament of India and is enforced in all states of India. On 12 December 2015, the idea to legalize this Act was initially introduced in the Rajya Sabha and it was passed on 10 March 2016. After which the Lok Sabha passed the bill on 15 March 2016. This Act came into function on 1 May 2016.

The main purpose of the RERA Act is to safeguard the interest of home buyers and encourage people to invest more in real estate. Apart from these facilities it also solves disputes among two parties and ensures fast and effective settlement of disputes. 

If someone wants to launch any residential property or commercial real state project on an area of more than 500 square meters then it has to be registered under the RERA Act. This helps in maintaining the transparency of the project. 

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Objectives of RERA

Mentioned below are the main objectives of RERA:

1. Protect the interests of home buyers
2. Increase investments in the real estate sector
3. Promote transparency and accountability

Also Read: How to Become a Real Estate Agent?

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