RERA is the nation’s only knowledge based platform that is intended to safeguard the investors of real estate. This is the first time that a regulation authority has set-up in the realty sector. RERA is said to be one of the milestone regulations passed in the realty sector and is expected to help improve the realty market in the coming years.
Due to a` lack of a authoritative organisation for real estate in the nation, it was necessary to begin one for each state of the country to ensure the real estate market is a transparent and safe market for homebuyers and developers. This is intended to make it risk-free for investors to invest in real estate in India. This act has brought to the industry new guidelines for developers/builders to follow which makes it a safe marketplace to buy and sell realty.
The main objectives of RERA are mentioned below:
With RERA incorporated in the realty market, prospective homebuyers can confidently make their purchase and no longer have to dance to the tunes of builders/developers. Any complaint of grievance will be impartially dealt with by RERA, and it also allows an investor to pull out from a project in case of fraud, etc. In this case, the homebuyer in entitled to full reimbursement.
Bihar State Building,
Construction Corporation Campus
Hospital Road, Rajvanshi Nagar,
Patna – 800023
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