RERA Act 2016: What are my rights as a homebuyer?

Date : 31/07/2020
Read: 16 mins

RERA or Real Estate (Regulation and Development) Act, 2016 aims at protecting the rights of the home purchasers as well as aids in boosting the real estate investments. The bill of this Parliament of India Act was passed by Rajya Sabha on 10 March 2016. The RERA Act was effective on and from 1 May 2016. During this time, out of 92 sections, 52 were notified. All the other provisions were effective on and from 1 May 2017. RERA assures transparency and fast disposal of projects in real estate sector. RERA Act has led to the creation of a legit system wherein issues such as quality of the projects, delays in projects, pricing of the property, etc. can be dealt with transparency. Read on to understand the rights of a homebuyer under RERA Act.

When the Real Estate Regulatory Authority (RERA) Act was introduced in the year 2016, many home buyers who were speculative of investing in Real estate, heaved a sigh of relief. The main objective of the RERA act is to protect the interest of home buyers. It also aims at bringing standardisation in the real estate sector. RERA act has led to the creation of a legit system wherein issues such as quality of the projects, delays in projects, pricing of the property, etc. can be dealt with transparency. The RERA act promotes accountability, transparency, and efficiency in the real estate sector. When a person books a flat with a real estate developer in an under-construction project, he usually passes through the following critical phases: Viewing the project advertisement, visiting t...

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