The Real Estate (Regulation and Development) Act, 2016
(hereinafter referred to as "RERA") which came into
effect from May 1, 2017, has around 34,600 projects and 26,800 real
estate agents being registered under the act, as of November 28,
2018.
Objective of RERA
With the advent of RERA, there began a norm for strict
compliances that has to be adhered by each and every developer,
builder and construction giant in different parts of the country.
Most of the states have established their own RERA offices where
they work under the established rules and regulations. Though the
act is not retrospective in nature it mandates every project to be
registered with the respective State RERA offices by the promoters
of the company within 3 months of the commencement of the Act.
