The Objects and Reasons of the Real Estate (Regulation and Development) Act, 2016

The RERA is intended to achieve the following objectives:

  • Ensure accountability towards allottees and protect their interest;
  • Infuse transparency, ensure fair-play and reduce frauds and delays;
  • Introduce professionalism and pan India standardization;
  • Establish symmetry of information between the promoter and allottees;
  • Impose certain responsibilities on both promoter and allottees;
  • Establish regulatory oversight mechanism to enforce contracts;
  • Establish fast-track dispute resolution mechanism;
  • Promote good governance in the sector which in turn would create investor confidence;