RERA, the full form of which is the Real Estate Regulatory Authority, stands for transparency in the real estate industry. Real Estate Regulatory Authority (RERA) Act was launched on the 1st of May 2017 and is aimed at protecting the interests of buyers in the real estate sector and establishing an arbitrating mechanism for speedy dispute redressal. It is an act to create a mechanism that effectively regulates and addresses issues like project delivery delays, property pricing, quality of construction, title and other changes; in an efficient and transparent manner.
It is mandatory for all builders and agents to register with the RA (Regulatory Authority) after its establishment. They will also be required to register their projects along with all the information including, financial statements, copies of legal title deeds and other documents. Post which, they will receive a project-wise registration number.
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