With an aim to address grievances of buyers and to bring transparency in India’s real estate sector, the government is planning to implement RERA Act starting from May 1 this year.
The upper house of Indian Parliament, Rajya Sabha had passed the Real Estate Regulation and Development Act (RERA Act) in March 2016, which is primarily aimed at bringing in transparency to the sector and is being touted as a pro-consumer law.
So, if you are planning to buy a flat then you should wait till May 1 this year when the RERA Act comes into force as the new law is going to reshape the entire realty sector with the transparency and accountability it brings, The Economic Times reported.
According to HDFC Securities report dated April 13 this year, RERA Act will drive transparency, reduce cost of capital, improve liquidity and lead to significant re-rating.
Read more: Zee News