It is time that you have an idea about real estate regulation act. This is in short known as RERA. RERA helps in creating clarity and it helps in introducing fair practices that would help in protecting the interest of the buyers and at the same time there would be imposition of penalties on the sinful builders. RERA will give India’s real estate sector the first and the foremost regulator and this has started from 1st May 2016. The act was initiated by the Parliament last year and this was done by Union Ministry of Housing and Urban Property Alleviation. This was formulated in order to notify the rules that will make the regulator function the right way.
Now, it is important to know what RERA is all about and what impact it will have on the real estate market. Based on the RERA principle each Union Territory and the State will have the personal set of rules and regulations to govern and supervise the functioning of the regulator. In this case, the Center has taken the initiative to draft the special rules for all the Union Territories and this will also include the national Capital. However, some of the Indian states are lagging behind from being scheduled for the notification regarding the RERA rules.
It is time for one to make the most of the real estate regulation act and make the regulator act in the right manner. However, there has been a slump in the past few years and this has increased the price of the tickets and there is unnecessary accumulation of the inventories.