RERA Reality: Has Regulation Truly Transformed Buyer Confidence?
Sanjana Iyer The introduction of the Real Estate Regulatory Authority marked a turning point for India’s property market. Designed to bring transparency, accountability, and efficiency, RERA has significantly altered the dynamics between developers and homebuyers. Under Real Estate Regulatory Authority, developers are required to register projects, disclose detailed information, and adhere to strict timelines. This has reduced instances of project delays and increased buyer confidence, particularly in the residential segment. One of the most impactful provisions is the requirement to maintain escrow accounts, ensuring that funds collected from buyers are used specifically for the project. This has addressed a long-standing issue of fund diversion, which often led to stalled developments. However, challenges remain. Implementation varies across states, and enforcement mechanisms are still evolving. While larger developers have adapted to compliance requirements, smaller players often st...
