The Real Estate (Development and Regulation) Bill, 2013 (RERA)

The Real Estate (Development and Regulation) Bill, 2013, also known as RERA, was introduced to address the longstanding challenges in India’s real estate sector. The Bill aims to establish a regulatory framework to ensure transparency, accountability, and efficiency, particularly concerning residential projects. Here’s an in-depth breakdown of the Bill’s provisions and objectives.

Real Estate Regulatory Authority (RERA):

RERA plays a central role in the Bill by overseeing the functioning of the real estate sector and enforcing the regulations. It is established at both state and national levels.

a. Functions of RERA:

• Registration of Developers and Projects:
  RERA is responsible for registering real estate projects and developers. Developers must comply with RERA’s requirements for registration, including the submission of project documents and construction timelines.

• Monitoring Compliance:
  RERA ensures that developers fulfill their contractual obligations, including the timely delivery of properties and adherence to quality standards.

• Dispute Resolution:
  RERA acts as an adjudicating authority for resolving disputes between developers and consumers, providing a faster and more cost-effective solution than court litigation.

• Transparency and Public Database: