RERA, which is the Real Estate Regulatory Authority, was established under the Real Estate (Regulation and Development) Act, 2016, with the aim to regulate the real estate sector and address the issues faced by home buyers.

3. What is RERA Act?
• RERA, which is the Real Estate Regulatory Authority, was established
under the Real Estate (Regulation and Development) Act, 2016, with
the aim to regulate the real estate sector and address the issues faced
by home buyers. It has the following objectives:

4. RERA
• To protect the interest of the allottees and ensure their responsibility
• To maintain transparency and reduce the chances of fraud
• To implement Pan-India standardization and bring about professionalism
• To enhance the flow of correct information between the home buyers and
the sellers
• To impose greater responsibilities on both the builders and the investors
• To enhance the reliability of the sector and thereby increase confidence
amongst the investors.

5. RERA
• For long, home buyers complained that real estate transactions were
lopsided and heavily in favour of the developers. In India, RERA and
the government’s model code, aim to create a more equitable and
fair transaction between the seller and the buyer of properties,
especially in the primary market. RERA, it is hoped, will make real
estate purchase simpler, by bringing in better accountability and
transparency, provided that states do not dilute the provisions and
the spirit of the central act. The RERA will give the Indian real estate
industry its first regulator. The Real Estate Act makes it mandatory for
each state and union territory, to form its own regulator and frame
the rules that will govern the functioning of the regulator.