The Full form of RERA is Real Estate Regulatory Authority. The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect the interests of home-buyers as well as to promote investments in the real estate industry. The Real Estate Act, 2016, which was passed by the Rajya Sabha on 10th March 2016 and by the Lok Sabha on 15th March 2016, became effective on 1st May 2016.
It was introduced to ensure the sale of plots, flats, etc., in a transparent and an efficient manner. Now, before launching any project by the real estate developers, it is mandatory to get all approvals from various government agencies and provide all the information on the website set up by the RERA regulatory authority of their state. Furthermore, the agents of real estate are provided with a registration number by the regulator, which they need to mention in the sale of every property.
In case of any kind of violation of the law, the authority has the power to impose penalties and imprisonment of agents. Thus, the implementation of this act brought relief to the home buyers as it made builders and developers accountable for the timely delivery of the projects and to protect buyers from poor quality housing complexes and fraud sellers.