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;