{"id":653,"date":"2024-07-17T12:50:09","date_gmt":"2024-07-17T12:50:09","guid":{"rendered":"https:\/\/www.jashnrealty.com\/blog\/?p=653"},"modified":"2024-07-17T12:54:03","modified_gmt":"2024-07-17T12:54:03","slug":"a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it","status":"publish","type":"post","link":"https:\/\/www.jashnrealty.com\/blog\/a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it","title":{"rendered":"A Handy Guide to RERA Act: What is it and Why You Need it"},"content":{"rendered":"\n<p>Real estate has been a booming industry, yet it lacked transparency. Buying and selling properties wasn\u2019t as transparent as they are now. The governing bodies decided to implement RERA (Real Estate Regulatory Authority) in 2017 to handle the hindrances it had a few years back.<\/p>\n\n\n\n<p>The act was introduced to simplify the home buying process and bring transparency for those planning real estate investment, removing irregularities.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.jashnrealty.com\/blog\/a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it\/#Here_is_an_ultimate_guide_to_RERA_act\" >Here is an ultimate guide to RERA act<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.jashnrealty.com\/blog\/a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it\/#How_did_RERA_transform_the_Real_Estate_Sector\" >How did RERA transform the Real Estate Sector?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.jashnrealty.com\/blog\/a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it\/#What_are_RERA_advantages\" >What are RERA advantages?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.jashnrealty.com\/blog\/a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it\/#How_does_buyers_get_benefitted_by_RERA\" >How does buyers get benefitted by RERA?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.jashnrealty.com\/blog\/a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it\/#Standard_pricing\" >Standard pricing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.jashnrealty.com\/blog\/a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it\/#RTI_accessibility\" >RTI accessibility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.jashnrealty.com\/blog\/a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it\/#No_delay_in_the_project\" >No delay in the project<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.jashnrealty.com\/blog\/a-handy-guide-to-rera-act-what-is-it-and-why-you-need-it\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Here_is_an_ultimate_guide_to_RERA_act\"><\/span>Here is an ultimate guide to RERA act<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_did_RERA_transform_the_Real_Estate_Sector\"><\/span>How did RERA transform the Real Estate Sector?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>RERA, which stands for Real Estate Regulatory Authority, focuses on protecting homebuyers and boosting <a href=\"https:\/\/www.jashnrealty.com\/blog\/reasons-why-you-should-invest-in-lucknow-real-estate-property\">real estate investment<\/a>. Since its creation, the act has contributed significantly to streamlining the process and building the real estate market in India.<\/p>\n\n\n\n<p>Furthermore, it has helped accelerate new launches, buyer sentiments, quality construction, property appreciation, and transparent transactions. Besides, it also incited new project developments across the country. Developers were instructed to provide regular updates on project as well.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_RERA_advantages\"><\/span>What are RERA advantages?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Since its implementation, RERA has brought many advantages. The foremost benefit that it has offered is the reduced delays. Now, buyers investing in commercial or <a href=\"https:\/\/www.jashnrealty.com\/projects\/residential\/\">residential projects<\/a> don\u2019t have to wait longer. Developers need to finish the project within the proposed timeline, or RERA will impose charges.<\/p>\n\n\n\n<p>Here\u2019s a list of benefits that RERA provides to real estate investors.<\/p>\n\n\n\n<ul>\n<li>RERA provides transparency. It has mandated developers to provide legitimate, accurate, and timely details related to the project to help buyers decide better.<\/li>\n\n\n\n<li>RERA strictly enforces the project deadline to avoid delays\u2014any delays resulting from any reason force the developers to compensate the buyers.<\/li>\n\n\n\n<li>RERA is against misleading advertisements and ensures that no developers should advertise on false grounds.<\/li>\n\n\n\n<li>It empowers homebuyers to know every vital detail of the project they desire to invest in. They help get them the accurate information based on which investors make a decision.<\/li>\n\n\n\n<li>RERA also guides developers to provide the exact information regarding the carpet area. Developers have to disclose the exact price for the carpet area to make calculations easy for the buyers.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_buyers_get_benefitted_by_RERA\"><\/span>How does buyers get benefitted by RERA?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Standard_pricing\"><\/span>Standard pricing<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Before RERA, developers used to calculate the carpet area price according to their suitability. After the implementation of RERA, they need to agree on a standardised price for the carpet area. This has made buyers more comfortable. They can estimate their cost and find ways to disburse it without any irregularities.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RTI_accessibility\"><\/span>RTI accessibility<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Builders registered with RERA need to disclose all the required legal papers regarding the project to the buyers. They need to provide them not only through the official website but also through offline means. They also need to follow a model sale agreement with the purchasers. 70% of the total cost they receive from the buyers needs to be deposited in another account. They can use this amount for construction purposes only.<\/p>\n\n\n\n<p>This is where they stay away from money-laundering and misleading information. It also regulates the handing over process. In case of any discrepancy, buyers hold the right to ask for compensation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"No_delay_in_the_project\"><\/span>No delay in the project<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>RERA-approved projects cannot be delayed. RERA guides developers in providing a fixed timeframe for possession. Those who fail this timeline get penalized. The developers are instructed to settle their disputes within 120 days of the complaint being filed. Home buyers get the flexibility to alter the timeline.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Before making a real estate investment, it\u2019s important to check whether project comes under RERA. Residential projects under RERA simplify the whole process and reduce the hassles. It also protects the buyer\u2019s interest and give them certain advantages. Projects like <a href=\"https:\/\/www.jashnrealty.com\/projects\/residential\/jashn-elevate\">Jashn Elevate by Jashn Realty<\/a> are great to consider in this regard.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Real estate has been a booming industry, yet it lacked transparency. Buying and selling properties wasn\u2019t as transparent as they are now. The governing bodies decided to implement RERA (Real Estate Regulatory Authority) in 2017 to handle the hindrances it had a few years back. The act was introduced to simplify the home buying process [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[3],"tags":[79,78,80,81],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Handy Guide to RERA Act: What is it and Why You Need it<\/title>\n<meta name=\"description\" content=\"RERA act simplify the home buying process and bring transparency in real estate business. 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