Real Estate Regulation Act
RERA
Intermediate Level
India
Real Estate
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Definition
A landmark law regulating real estate sector to protect homebuyers and promote transparency.
Detailed Explanation
Enacted in 2016, RERA mandates project registration, 70% escrow for construction, standardized carpet area definition, and timely delivery. Each state has its RERA authority.
Example
A delayed project can be taken to RERA authority for compensation or refund with interest.
Local Context (India)
RERA has brought much-needed accountability to India's real estate sector.