RERA norms, what is before RERA and after RERA difference.

Question

Accepted Answer

RERA norms have brought transparency and accountability in the real estate sector.

Before RERA, there was no proper regulation in the real estate sector, leading to delays in project completion and unfair practices by developers.
After RERA, developers are required to register their projects and provide all necessary details to buyers, including project timelines, layout plans, and approvals.
RERA has also established a regulatory authority to oversee the sector and address grievances of buyers.
RERA has made it mandatory for developers to deposit 70% of the funds collected from buyers in a separate bank account, ensuring that the funds are used only for the specific project.
RERA has also introduced penalties for non-compliance and fraudulent practices by developers.
Overall, RERA has increased transparency and accountability in the real estate sector, making it more favorable for buyers.

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