Before RERA Act all agreements were not clear in some cases it was one sided example time linked and construction linked payments, delay in construction and prolonged delivery of the units and overall project. RERA safeguards homebuyers by requiring developers to give clear and accurate details about their projects, meet deadlines, and provide a five-year warranty for construction defects. It also ensures that properties are delivered on time and that agreements are transparent.

Real Estate Market in India was unorganized before enactment of RERA Act (Year 2016). RERA was established to tackle problems such as delayed possession, fraudulent activities, lack of transparency, and inferior construction quality in the real estate industry and Buyer’s dissatisfaction. Buyers approached in different courts like consumer forum and related courts. Its goal is to foster a more organized, transparent, and efficient real estate market that serves the interests of both consumers and Builders.

Builders, developers, real estate agents, and real estate projects need to be registered with RERA. Developers must register their ongoing or new projects with RERA prior to advertising or selling any properties.

Transparency: Builders are required to register their projects with RERA and disclose comprehensive project details, timelines, and necessary approvals.
Accountability: Developers must specify a completion date for the project, with penalties imposed for any delays.
Consumer Protection: This ensures that developers adhere to quality standards and deliver properties on time.
Regulation of Agents: Real estate agents must register with RERA and comply with a set code of conduct.
Defects Liability: Developers are obligated to address any structural defects within five years of possession.

Project specifics including plan approvals, land title, and layout. Timeline for project completion (start and end dates). Legal documents confirming title and ownership of the land. Information about the builder (credentials, registration number, etc.). Financial information and bank guarantees (if applicable), Escrow account details.

Developers and builders who do not register their projects with RERA may face fines reaching up to 10% of the project's total cost. Additionally, non-compliance could result in a prison sentence of up to one year.

RERA serves as a mediator between builders and buyers when disputes arise. Homebuyers have the option to file complaints directly with RERA regarding issues such as project delays, possession problems, construction quality, or misleading advertisements.

A real estate agent registered under RERA is any person or organization involved in the buying, selling, or renting of properties. They are required to be registered with RERA and adhere to a code of conduct that promotes ethical and transparent practices.

Homebuyers can check the official RERA website for their state to find registered builders and projects. It's important to note that RERA registration numbers must be included in all advertisements, contracts, and documents associated with the project.

Developers are obligated to hand over the property on the agreed possession date. If there is a delay in possession, the developer is required to compensate the buyer with interest, and the delay will be calculated from the promised date until the actual possession date.

The defects liability period as per RERA is five years starting from the date of possession. Within this timeframe, if any structural defects arise in the property, the builder is required to repair or rectify these issues at no additional cost to the buyer.

RERA covers both residential and commercial real estate projects, whether they are ongoing or new. However, it does not apply to projects that have less than 500 square meters of land or fewer than 8 apartments.

A buyer has the option to cancel the purchase before taking possession. In such cases, the developer is required to refund the booking amount along with any other payments made, in accordance with RERA's guidelines. The cancellation terms should be clearly outlined in the agreement conditional BBA signed under RERA Act.

RERA enhances the credibility of the real estate sector by regulating the industry, increasing transparency, and minimizing fraudulent activities. This fosters consumer confidence, resulting in a more stable and organized market.