How RERA is Changing the Real Estate Industry

What is RERA

RERA stands for Real Estate Regulatory Authority. It was created under the Real Estate (Regulation and Development) Act. The law was passed in 2016. Its goal is simple. It aims to protect buyers and hold builders accountable. Every builder must now register their project under RERA before selling any unit.

Without RERA registration no builder is allowed to market or sell property. This step has forced the industry to act with honesty.

Builders Must Share the Truth

Before RERA many developers hid project details. They would change layouts without notice. They would promise one thing and deliver another. With RERA that is no longer easy. Builders must now upload project plans, timelines, land title details and other legal papers on the RERA portal.

Buyers can see everything online. They can compare projects. They can decide based on facts not flyers. If a builder gives false information they can face penalties.

Delays are Not Ignored Anymore

Project delays were common. Builders gave one date during booking then extended it by months or even years. Families had to pay rent along with EMIs. Some people never got possession.

Under RERA every project comes with a completion timeline. If the builder misses it they must pay interest to the buyer. This has made developers think before overpromising. Delays now cost them money.

Advance Payments are Regulated

Before RERA builders would ask for large advance payments. Buyers had no say. In many cases the money went to other projects or land purchases. RERA fixed this.

Now builders cannot take more than ten percent of the flat cost before signing a sale agreement. Also they must use seventy percent of buyer money only for that specific project. This money must go into a separate account.

This protects the buyer. It also keeps the project focused.

Buyers Can File Complaints Easily

Earlier buyers had to chase builders with no results. Legal action took time and cost money. With RERA things are different. Buyers can file a complaint directly on the RERA portal. The authority must act within a fixed time.

This has made builders more careful. They now know they are being watched. They now know that false promises have consequences.

Real Estate Agents Must Register Too

RERA does not only cover builders. It also includes real estate agents. Agents must now register themselves with the authority. If they are not registered they cannot sell flats in RERA approved projects.

This brings discipline to the selling process. It also helps buyers trust the agent. If the agent misleads or gives wrong details they too can face penalties.

Standardisation of Sale Agreements

Before RERA each builder had their own sale agreement. Most of them were tilted in their favour. Buyers had no control over terms. RERA brought a standard model for sale agreements.

Now the contract must mention the carpet area clearly. Builders cannot sell on super built up areas anymore. Timelines and penalties are also part of the agreement. This reduces confusion. It gives buyers legal clarity.

Advertising Must Reflect Reality

RERA has changed how real estate is advertised. Builders can no longer use computer images and label them as the final product. Every image must carry a disclaimer. Every ad must mention RERA registration number.

If a builder makes a false claim in ads or brochures they can be penalised. Buyers can also demand refunds.

This has made ads more honest. It has removed flashy promises with no proof.

RERA Has Created Accountability

The biggest shift RERA brought is accountability. Builders now know they are being watched. Buyers feel safer. The whole sector has started to clean up.

New buyers check the RERA status before booking. That was not the case earlier. Now RERA registration is a basic step. It has become a trust factor.

How to Check if a Project is RERA Approved

Visit the RERA portal of your state. For Maharashtra go to MahaRERA site. Enter the builder or project name. You will see every detail including approval dates, land ownership documents, construction status and completion timeline.

Always do this before you book a flat. If a project is not listed it means it is not approved. Stay away from such projects.

Jhamtani Projects Follow RERA Norms

Jhamtani offers flats in Pune that follow all RERA rules. Their projects are registered. Their paperwork is clear. Buyers get what they see.

Here are some of their residential projects in Pune:

• Jhamtani Elevate at Mundhwa
• Ace Aster at Ravet
• Jhamtani BIZCORE at Koregaon Park NX
• Ace Villas at Koregaon Park NX
• ACE Atmosphere at Ravet
• Ace Ayodhya at Thergaon