RERA is a project new compatible software initiated by the Government of india for Real Estate for Regulation and Development Act 2016. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector. The Rajya Sabha passed the RERA bill on March 10, 2016, followed by the Lok Sabha on March 15, 2016 and it came into force from May 1, 2016. 59 of its 92 sections were notified on May 1, 2016 and the remaining provisions came into force from May 1, 2017. Under the Act, the central and state governments are required to notify their own rules under the Act, six months, on the basis of the model rules framed under the central Act.
The most positive aspect of this Act is that it provides a unified legal regime for the purchase of flats; apartments, etc., and seeks to standardise the practice across the country.
Its functions include protection of the interests of the stakeholders, accumulating data at a designated repository and creating a robust grievance redressal system. They help every customer with a view to build a professionally enduring relationship.