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Land & Property

The Land & Property (Regulation and Development) Act, 2016 (RERA) was a significant milestone in the evolution of India's Land & Property sector. It aimed at bringing more transparency, accountability, and professionalism to the industry. Prior to the implementation of RERA, the sector faced challenges such as project delays, misrepresentation of properties, and disputes between developers, brokers, and consumers.

Key Features and Objectives of RERA:

Transparency

Developers must register projects with RERA, ensuring that buyers have access to verified project details like timelines, completion dates, and legal approvals.

Consumer Protection

Developers are obligated to deliver projects on time and in accordance with the contract specifications, providing clear land titles to avoid ownership disputes.

Regulation of Brokers and Intermediaries

Land & Property agents and brokers must register with state RERA authorities, following a code of conduct to reduce fraud.

Project Delays and Penalties

Developers must adhere to construction and possession timelines and compensate buyers for delays.

Standardization and Clear Guidelines

Common construction, marketing, and sale guidelines have been established, ensuring professionalism across the sector.

Accountability for Developers

Developers are responsible for construction quality, and any defects must be repaired within a stipulated time.

Impact of RERA:

Trust and Confidence

Buyers are now more confident, knowing they have legal recourse for issues like delays and poor construction quality.

Increased Investment

Transparency and consumer protection have attracted both domestic and international investments in the Indian Land & Property market.

Market Formalization

RERA has helped formalize the sector, reduce illegal practices, and ensure fair dealings.

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