“It has been three years since the Central Government introduced the RERA Act within every state of India to witness a revolution within the real estate sector. The mandate of having a separate RERA for each state has been an absolute game-changer for the government, buyers, and developers. In the years gone by the regulatory body achieved milestones by being able to protect the interests of home buyers and also boost investments. RERA has importantly pushed to bring both developers and home buyers on a common platform which was not the case before and it has created a synergy between the two. Many started looking for a harmonious answer and ultimately withdrew complaints as the act endeavored to change homebuyer perception. With increased transparency amongst the stakeholders, it has been successful to bring a sort of confidence amongst the buyers. An additional benefit from the implementation of the RERA Act is to positively convert potential home buyers to permanent buyers. RERA has made significant progress in four-five states, however, it still has scope to address homebuyers’ concerns in few others. While many states are still seeking to have a website, some of the existing websites are of little help to home buyers. With the recent announcement of a deadline extension for a tenure of three months basis on the completion of the projects have acted as a relief measure to the housing sector. All in all, it has successfully become the face of fair practices for real estate fraternity.”
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