Impacts of RERA Registration

RERA registration has several key-impacts on Real Estate Industries:

The project cost has been increased

Cost of capital is enhanced

There remains liquidity in the hands of promoters

Introduction of State Real Estate Regulatory Authority, along with Real Estate Appellate Tribunal for fast disposal of complaints relating to the purchase of property, has positively influenced the real estate sectors. Such tribunal has the authority to entertain complaints and no any other civil court or consumer forum shall have any jurisdiction. RERA registration has set standards and ground for fast disposal of grievances.

Objectives of RERA Registration

Following are the main objectives of enforcement of RERA registration:

Better transparency and accountability towards consumers for protecting their interest

Dispute resolution mechanism in place to resolve grievances

Reducing frauds by increased compliances and ensures fair-play through reduced delays

Professionalism and standards in place lead to smooth operations of the real estate sector

With the imposed responsibilities on promoter as well as buyer, RERA leads to smooth & ease in transactions.

It creates awareness by promoting good governance practices.

Applicability of RERA Registration

Following is the applicability of RERA registration: