A law passed by the Indian Parliament in 2016 called the Real Estate (Regulation and Development) Act aims to both protect homebuyers and encourage more investment in the real estate sector. In order to regulate the real estate industry, the Act creates a Real Estate Regulatory Authority (RERA) in each state. The RERA also serves as an adjudicating body for quick resolution of disputes.
Maharashtra is the first state to implement the Act, which aims to protect homeowners from any bias by real estate players (or "Developers"). The MahaRERA was developed to give homeowners a way to contact the authority about any developer flaws.
- Transparency
- Citizen centricity
- Accountability
- Financial discipline