the real estate (regulation and development act) 2016 is an act of parliament of india that came into force on 1st may 2016 with 59/92 sections and remaining provisions on 1st may 2017. this act was passed with a view to protect home buyers and boost the investment in real estate sector.

 the rera brought some benefits to the buyers and real estate industry, as follows.

pricing: pay for carpet area: now, the buyer has to pay only for the carpet area (area within four walls) as defined in the act inclusive of kitchen, balconies, and toilets rather than the super built-up area. (carpet area is the area where carpet can be spread and also includes steps if any, inside the house.) super built-up area includes common amenities such as lift shafts, electrical room, swimming pool, garden and clubhouse proportionately divided among all flats in the building. for example, if a buyer purchases an apartment of 1200 square feet with 900 square feet carpet area, then he has to pay the amount chargeable as per the carpet area only.

clearances: the builders who are constructing projects with more than eight apartments or 500 sq. mtr. have to register themselves with the regulator before launch. this will prevent malpractices and enables builder able to sell projects only after the necessary clearances.

log onto the website, https://propertyadviser.in  to know about the current trend in real estate.

by: pavan n