New Delhi, October 15: Protecting homebuyers and bringing greater accountability to the property sector are central aims of the Real Estate (Regulation and Development) Act, 2016. The reform supports the broader Viksit Bharat 2047 vision by promoting transparency and strengthening confidence in real estate transactions.
The law paved the way for the establishment of Real Estate Regulatory Authorities, commonly known as RERA, in states. Projects that fall within its registration requirements must be registered before developers can advertise, market or sell properties.
RERA also provides a mechanism for resolving disputes between buyers and developers. It gives homebuyers a formal platform to raise grievances and seek protection of their rights.
Prime Minister Narendra Modi has highlighted RERA’s role in strengthening trust between developers and buyers. The regulatory framework seeks to make developers more accountable for their commitments.
Gautam Buddha Nagar resident Anil Tiwari said RERA had improved transparency between builders and buyers and encouraged developers to follow project timelines. He credited the framework with helping buyers receive possession of their homes on schedule.
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