HRERA: The Game-Changer in Real Estate Regulation

The real estate sector in India has seen a tremendous change in recent years with the introduction of the Real Estate (Regulation and Development) Act (HRERA) in 2016. This act has been implemented to protect the interests of homebuyers and regulate the real estate sector in India.

The primary objective of HRERA is to ensure transparency and accountability in the real estate sector. It requires all real estate developers to register their projects with the regulatory authority, provide full disclosure of all relevant information, and adhere to specific guidelines. This act also gives buyers the right to receive timely possession of the property and receive compensation in case of any delay.

HRERA has made the entire process of buying a property much more secure for buyers. It ensures that the developers adhere to fair practices and the information provided to buyers is transparent and accurate. This act has made the real estate sector much more accountable and has reduced the number of disputes between buyers and developers.

One of the key features of HRERA is the establishment of a Real Estate Regulatory Authority (RERA) in each state. This authority acts as a platform for resolving disputes between buyers and developers. The RERA has the power to impose penalties, order compensation, and take other measures to ensure compliance with the act.

Another important aspect of HRERA is the requirement for developers to create an escrow account for each project. This account holds 70% of the collected funds for the construction of the project. This helps ensure that the funds are used for their intended purpose and not for any other purpose.

In conclusion, HRERA has been a game-changer in the real estate sector in India. It has ensured that the interests of buyers are protected, and the sector is more transparent and accountable. With the implementation of HRERA, the process of buying a property has become much more secure and hassle-free for buyers.