The real estate regulatory authority (Rera) was established under Section 2(f) of the RERA Act 2016 to regulate the activities of real estate developers and brokers and to protect consumers from exploitation.
The RERA has been given powers to impose penalties on any person who violates its provisions. These include fines ranging between Rs 50,000 – Rs 10 lakhs, imprisonment extending up to three years, among others.
Its functions are to protect consumers from unscrupulous practices by providing them with information about their rights and obligations while buying/renting property; to ensure that transactions between parties are fair and transparent; to provide redressal mechanism for any consumer grievances; to promote transparency in land deals; and to maintain standards of ethical conduct among professionals.
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