With RERA, the Government has codified the best practices for the first time in this sector. Consumers’ interests are taken care of, covering all commercial and residential real-estate. There was an over-whelming need for regulations and uniform guidelines in a scenario where the consumer discontent was rising by the day, as evidenced by the increase in litigations. Some broad objectives that are covered by the Act are as follows –
a.To bring transparency and efficiency in the process of buying and selling of Real-estate.
b.To provide legal cover and to protect consumers’ interests / rights in the RE sector
c.To ensure that there is a defined process and efficient handling of disputes
d.To define and standardize term and measures, so as to bring all concerned parties to the same level of understanding, thereby also lending certain standardization across builders / projects. This will further help consumers to compare diverse projects and developers with ease.
e.Defining duties, liabilities and penalties for builders / developers and brokers / intermediaries.
f.Setting up timelines for registration processes and dispute resolution.
g.RERA mandates all developers / builders to upload all relevant information regarding a project – viz. Details of land titles, approvals, construction progress, names of brokers etc, on their website. These information shall then be easily available in one place.