The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, is a landmark legislation that has fundamentally changed the Indian real estate landscape. Enacted to protect home buyers and promote transparency, RERA establishes regulatory authorities in each state to oversee real estate transactions.
Under RERA, every real estate project with a plot size of over 500 square meters or more than 8 apartments must be registered with the state RERA authority before advertising or selling. Builders must disclose project plans, layout, government approvals, land title status, and completion timelines on the RERA website.
For buyers, RERA provides several crucial protections: builders cannot demand more than 10% of property cost as advance before sale agreement, projects must be delivered as per the approved plan, buyers are entitled to full refund with interest if possession is delayed, and there's a 5-year structural defect liability period post-possession.
To verify a property's RERA status, visit your state's RERA website, search by project name or RERA number, and review the compliance status. At Realty Pandit, every listed property is verified for RERA compliance, giving you peace of mind in your property search.