RERA Real Estate Regulation and Development Act Administration Role for Real Estate Sector for Trading Improvement and Public Satisfaction In Property Deals A Study of Greater Mumbai Maharashtra

Abstract

House is a place of strong security one can save his belonging and other valuables in his home It is safest place if it is well equipped This helps to safeguard his valuable from robbery and theft Staying at home is one of the best way to escape from stress and anxiety Also during retirement home is the best place to spend your time newlineThe Real Estate Regulation and Development Act RERA 2016 is a revolutionary act in the history of the Indian real estate sector it was introduce first in the year 2013 but due to objection raised in parliament it came in effect from may 2016 RERA registration is necessary for promoters builders and the real estate agent to be able to sale advertise market purchase or book housing properties RERA Act is an act for regulation and promotion of the real estate sector to ensure the sale of apartment plot or building in an efficient and transparent manner The act aims to protect the interest of consumer newlineThe implementation of RERA helps to bring relief to the home buyers as builder will be accountable for the timely delivery of the project and to protect buyers from fraud sellers newlineIt also helps the developers to gain confidence of the consumer in a regulated environment As RERA act is implacable for both builder and agent which had protect consumer from builder but also from the agent or broker Most of the time property agent or broker took advantage of prospective homebuyers by misinforming them about the quality of construction and completion They mislead home buyers regarding amenities of the property They would give assurance orally regarding property documents which were often missing or incomplete furthermore the agents would hide for status of property under litigation from prospective buyer newlinePeople put whole there security hard in money to purchase an apartment for them so they should get what they have committed from the Builder Developer The prime objective of the Real Estate Regulatory Authority RERA is to promote and facilitate the growth of the Real Estate sector in an organized