The Real Estate (Regulations and Development) Act, popularly referred to as the RERA Act of 2016, is said to bring about a sense of clarity and order to the Indian Real Estate sector. The RERA Act has defined a set of stringent norms for the real estate developers, the intermediaries, as well as the consumers. There is conflict among how people perceive the impact of the Act – some are concerned about the likely increase in the cost of construction and compliance, while others are optimistic about the results of the Act.
PropStory brings you a simple video to quickly explain what you need to know about the RERA Act, and how it affects potential home-buyers.
Read more the Act here.