Buying a home is indeed a life milestone whose foundation stands on hope and sometimes anxiety. For decades, home buyers in India had very little information when builders delayed a project or withheld any vital information. But those days have gone backstage with the enactment of the Real Estate (Regulation and Development) Act, 2016, commonly referred to as RERA.

Let's break down what this landmark legislation is all about and how it is ushering in a sense of accountability and trust in the Indian real estate market.

Why Was RERA Introduced?

RERA came into force on 1 May 2016, with one clear objective: to regulate the real estate sector, ensure fair practices, and protect consumer rights. Here's what the Act intends to achieve:

● Establishment of a regulatory authority in every state.

● Ensuring transparency and fair practices in the real estate sale or purchase.

● Setting up a fast-track dispute resolution mechanism.

● Enabling consumers to make informed decisions by insisting on full disclosure from builders.

● Giving policy suggestions to governments for sectoral improvement.

Benefits of RERA Legislation

Prior to RERA, buying real estate meant dealing with developers blindly. Here's how the Act changed the whole paradigm:

● Mandatory Project Registration: Any project above 500 sqm or more than 8 units must be registered with RERA.

● Project Information Transparency: Developers need to upload details of the project on the official RERA portal - including layout plans, appropriate government approvals, land title status, and timelines, along with contractor details.

● Protection Against Delay: Delayed possession? The developer has to pay you the interest that you pay to the bank as EMI. The developer is now on equal footing.

● No Changes to Layout Without Consent: The plan that you buy is the plan that you get unless you approve a change in writing.

● Stronger Penalties: Builders failing to abide by the orders of the RERA tribunal may now face imprisonment for a period up to 3 years along with fines. The serious offences are given serious repercussions.

One of the best ways to take advantage of RERA regulations is by investing through well-structured schemes like the Swadhikar Yojna*.

Swadhikar Yojna – A Bucket of RERA Approved Projects

Swadhikar Yojna aims to facilitate transparent and hassle-free property ownership for women as well as serving and retired government employees in India. It lists a handpicked inventory of RERA-approved residential and commercial units at prime locations of Gautam Buddha Nagar, available at reasonable prices, with an easy and flexible payment mechanism.

The key highlights of Swadhikar Yojna include:

● Premium residential and commercial units, ₹25 Lakhs# onwards

● RERA-approved projects

● Special discount# of upto ₹15 lakh for women

● Loan# facilities from top banks for easy payments

● Special concessions# for women, as well as serving and retired government employees, for hassle-free property ownership

This scheme is exclusive for women and employees appointed by the Union, State, or Territorial Governments in any Public Sector Undertaking (PSU), Government Banks (PSBs) & NBFCs, Government Insurance & Financial Services, all three wings of the Defence Department, Paramilitary & Police Forces, Indian Transport Department, Government Health Services, Teachers & Professionals, Communication & IT, State Telecommunications, Aeronautics, and Hospitality sectors.

Final Thoughts

The RERA Act has made Indian real estate a safer and more transparent market for eager buyers. With a well-planned scheme like Swadhikar Yojna, buyers get smooth access to RERA-approved properties that empower investors with trust, security, and value. Whether you are buying a home for a fulfilling lifestyle or an opportunity to secure future post-retirement, make sure your project is RERA-registered, where protection, transparency, and peace of mind are always present.

*Disclaimer: Swadhikar Yojna is a purely non-governmental initiative by Realty Assistant Pvt. Ltd. It is not related to any Central or State Government scheme or department.

#T&C Apply