Over many years, the real estate industry in India was haunted by unrealistic project delays and
rise in cost of overheads. This led to the call for a strong framework in the governing
mechanism to avoid all kinds of loopholes that pertained in the real estate industry. This
resulted in the formation of RERA, which is the Real Estate (Regulation and Development) Act,
2016, which came into action to protect and safeguard the rights and interests of home buyers.
It came into full force on 1 st May 2017 and continues to boost investments and bring about
credibility into the real estate sector. Under RERA, the real estate projects in every state and
union territory is to be monitored by the respective governing authorities.
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