Definition
RERA mandates registration of projects, escrow accounts for buyer payments, carpet-area transparency, and time-bound delivery commitments. Every Indian residential project above 500 sqm must be RERA-registered.
Why it matters
RERA shifted the legal balance toward buyers. For architects and developers, it tightened documentation, marketing, and delivery discipline.
Key points
- •Project registration before any marketing or sale.
- •70% of buyer payments must sit in a project escrow.
- •Carpet area is the only declarable area metric.
- •Penalty interest for delayed delivery.