The real estate industry witnessed a substantial alteration with the introduction of RERA Act in 2016. A simultaneous rise in price and demand in the real estate sector led to the launch of the Real Estate Regulatory Authority Act.<\/p>\n

While an increased focus is on protecting the interests of homebuyers, this act is bringing transparency in the real estate sector by securing the interest of builders as well. With approximately 42,000 ventures under it along with the registration of roughly 32,000 real estate agents, this act aims to cover all real estate projects across the nation eventually.<\/p>\n

Considering that a majority of the population now knows what is RERA, they are probably well-acquainted about the features that it comes equipped with. It is these features that are going to alter the real estate market and hence, make it a mandate for all housing agreements.<\/p>\n

For home buyers<\/b><\/p>\n

The primary aim of RERA Act<\/a> was to safeguard the interest of home buyers. Its attempt to promote transparency and uniformity in the real estate sector was further established via state-based RERA bodies. This authoritative body took into account multiple issues faced by prospective house owners during the purchase of their house. These include –<\/p>\n

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• A high-value advance amount<\/li>\n
• Problems with the transfer of ownership<\/li>\n
• Condition of properties<\/li>\n
• The disparity in the cost of properties<\/li>\n<\/ul>\n

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