In India after the enactment of the Real Estate ( Regulation and Development ) Act ,2016 (RERA), Real Estate Sector has witnessed a significant metamorphosis. This act was introduced to bring effectiveness, responsibility and transparency in the real estate sector in India. The main aim of enacting this act is to protect homebuyers and to give a fair and transparent environment for real estate transactions. Prior to RERA, in the real estate sector there were lack of transparency between homebuyers and developers and it frequently leads to main cause of disputes between homebuyers and developers, there were also delays in project completion that’s why RERA was introduced so that these issues can be dealt with.
Key provisions of RERA how RERA has impacted the real estate sector’s transparency and accountability:
1.Mandatory registration of projects:
Under RERA, there is provision for mandatory registration of every real estate projects. whether it’s domestic or marketable it must be registered with the respective state RERA authorities.
2. Disclosure of comprehensive project information:
Developers must have to submit and disclose all the required/ necessary detailed information about project plans, timeline of completion of project ,layout, land ownership, approvals and all fiscal details. This ensures that every homebuyers have detailed information about the project and also these detailed information empowers homebuyers to make correct decisions so that they don’t get mislead by the developers. This also increase transparency and reduces the threat of fraudulent activities.
3. Standardization of carpet area:
Prior to RERA, builders would often mislead buyers by including the area like staircases, lobbies, balconies leading to reduced actual usable area for buyers, but RERA standardized the definition of carpet area, ensuring that buyers pay only for the actual usable space within a property. This has improved fairness and transparency in the real estate transactions.
4. Timely completion of project and penalties for delay:
RERA ensures that developers must specify complete details of project completion and also encourages them to adhere to project timeline which further enhance the project predictability and save the buyers from risk of financial loss. If a developer fails to comply with the project deadlines and in delivering the project on time then they will be liable to pay the penalties and compensation to the homebuyers. Also buyers have the right to withdraw from the project if there is delay in completion of the project.
5. Grievance redressal mechanism:
RERA establishes a dispute resolution mechanism with the formation of Real Estate Appellate Tribunal in each state. Buyers can file their complaints in the RERA authorities and the Real Estate Appellate Tribunal. This tribunal is required to disposes the complaint within 60 days by providing efficient and effective remedy to the buyers and punishing the developers by taking appropriate action against them.
6. Real estate agent regulations:
RERA mandates the registration of real estate agents or brokers with RERA , so that only authorised agents can take part in the sale or purchase transactions . It also helps in curbing fraudulent activities and ensures accountability in the real estate brokering sectors.
Impact of RERA on Indian real estate sector:
1.Transparency has increased through the disclosure of project details and timelines which empowered homebuyers to make correct decisions.
2.  Reduction in delays of project completion with timely possession to the homebuyers minimizes financial distress for homebuyers.
3. Buyers having rights to seek redressals for their grievances
4. Increased confidence in the real estate sector has also increased investments.
Challenges and future outlook:
1. Differences in implementation of RERA: Different states have implemented RERA in different manner which leads in varying effectiveness of it.
2. Lack of awareness among homebuyers: Sometimes because of ill awareness of their rights buyers misleads by the developers due to which they suffers from a great financial loss.
3. Proceedings delays: In some cases, the delays in judicial proceedings related to RERA can hinder the timely resolution of the cases.

Conclusion:
RERA has emerged as a significant landmark legislation in the Indian real estate sector. It has bring transparency and accountability in this sector. RERA has laid down the foundation of a legal framework that protects the interest of homebuyers by making developers more responsible for their projects completion. While challenges remains, but RERA has made the real estate sector more transparent, accountable, fair and also help in improving the overall health of the real estate sector.

This article is authored by Anju Sharma, who was among the Top 40 performer in the Cyber & Technology Laws Quiz Competition organized by Lets Learn Law.