Real Estate Regulatory Authority (RERA) was established under the Real Estate (Regulation and Development) Act, 2016 by the Indian government. This was a decisive move ahead to regulate the real estate sector and bring in more transparency into the deals. RERA also effectively addresses the various issues that the investors might face in the process of their real estate transactions.
RERA seeks to implement a high standard of professionalism in the industry and bring about standardization in the sector pan-India. Greater transparency will enhance the flow of correct information between the developers and the buyers and bring in greater trust. Reducing the chances of fraud in the industry has been a significant step forward through the implementation of this act.
The real estate industry has seen a distinct streamlining of processes since the introduction and implementation of this far-reaching act. Real estate development companies are now being legally held accountable for their developments and their many promises to home investors. RERA aims to protect the rights and interests of allottees of property, and this has sparked tremendous faith in buyers.
Greater responsibilities have been imposed on both developers and investors, and RERA has positively affected the reliability of the sector. The emphasis on registration and approval of development projects with and by the authority has cleared the industry of uncertainty. This act standardizes industry practices across the country, which is sparking faith and, thus, the demand for residential real estate.
The increase in transparency and standardization in the industry has brought in a greater degree of accountability into the sector. This has significantly increased the demand for housing, and more and more first-time investors are now venturing into the market. These buyers are buoyed by the credibility of RERA and the high degree of protection it offers to home investors.
Prestige Group new launch apartment Prestige Primrose Hills at Kanakapura Road, South Bangalore.