Indian land market has skilled tons of transformation over a period of your time in terms of markets, products, and lots of regulations. The most revolutionary legalization in land sector is that the introduction of RERA (Real Estate Regulation & Development Act) 2016 which intends to bring some amazing reforms and transparency and accountability in the sector. RERA not only mandates compulsory registration for Real Estate projects/Agents/Intermediaries and host of disclosures are required to submit by the promoters of the projects. If any such promoters failed in registering there is significant penalties for noncompliance but the buyers and allottees are bestowed with abundant of rights protected. The act is essentially to means the mechanism and addresses the grievances.

Quickly let’s see in short the Objective of RERA: 

Promotion of effective and transparent Real Estate Transactions and for Consumers Protection.
Establishment of Regulator for regulation in Real Estate Sector
Speedy adjudication mechanism by establishing regulator and creating Real Estate Appellate Tribunal. 

How RERA will impact Home Buyers

Transparency – the act warrants showing complete transparency from the developers of all the projects. The builder has got to show or disclose all the small print concerning the property just like the plan, approvals, layouts, FSI and every one other things associated with the project.
Liability- one among them major benefits that buyers will enjoy is that the liability.
RERA insists that each one the property developers must give now rates in terms of carpet area. There will be no space for the built up area or super built up anymore and therefore the buyer will have clear status on what they're getting into name of space of which they paying.
RERA also tackles the foremost crucial part which is land Agents. Today we will find in every nook and corner a true realtor working during a very informal way, they are doing not have any official number or id no and no such registration hence there are not any implications of any barriers. RERA proposes each and each single broker to urge register which can make easy for buyers to trace their records verify them and add A level of security.
Builders can’t delay your projects. Scores reveal that there has been a trend for not delivering you’re the projects, but now no developer can do that under the law they have to pay an interest rate of 2% points above the banks to the home buyers.
Builders cannot charge extra.
Builders are liable for any defect within the new construction
Security to buyers – an escrow account needs to be open where the developer will transfer 70% of the funds received for that particular project. He cannot rotate that cash anywhere else and therefore the money are often withdrawn as per the stages of the development .
Also, RERA has changed the definition from 1000 sq mt to 500 sq mt or a complete of 8 flats of the bare minimum for regulatory coverage.

All in one RERA stipulates the state level regulation associated with land , disputes formed and settled during a speedy fashion. This will give a sense of security to buyers too and will create a good impact.