The Mumbai High Court has recently stated that RERA has been implemented with an objective to bring transparency in the Real Estate activities and protect homebuyer's interest. RERA is the blessing for the Real Estate sector as there was a need for regulations to protect homebuyer's interest.
As per RERA Rules, all developers and promoters are mandated to registered themselves under a state-established authority. The act allow homebuyers to claim compensation for any delay in possesion and also have authority to cancel developer's registration.
The main aim of RERA is to ensure that whatever a builder promises, the same is delivered. The developer is obliged to give the purchaser all information on the proposed apartment and if there is anything that the purchaser sees is not been honoured, that can be raised with the regulatory authority for developer. As a purchaser, you can ask to see a copy of the RERA registration, though every project since May 1, 2017 is required to carry the RERA registration number on any and all marketing and advertising Material.
Overall it becomes easier for developers and buyers to check authenticity of the land or property.
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