RERA (Real Estate Regulatory Authority) are state level regulatory authorities established under the Real Estate (Regulation & Development) Act, 2016 (known as “The Act”) which aims to regulate and promote fair deals in the real estate sector, safegaurding interests of promoters as well investors/allottees/consumer, establishing dispute resolution mechanism, such other anicillary and supplementary matters thereto. The authority preserves rights of real estate buyers and ensures adherence of RERA norms by all entities engaged in the real estate business. RERA was enacted to boom investment and to bring all such provisions required to build transparency and accountability in the real estate industry.
Applicability of RERA by government pertains for all residential and commercial estate projects where developments proposed for area comprising minimum of 500 sq. meters or with exceeding 8 apartments and should be constructed inclusive of all phases shall have to get mandatorily registered and approved from RERA.