Real Estate (Regulation and Development) Act, 2016 (RERA 2016) | Act Analysis

Key Concepts & Structural Highlights

Mandatory 70% project funds deposit in designated escrow bank accounts.
Carpet Area standardization for property pricing instead of super-built-up area.
Statutory interest penalty on builders for delayed possession handover.

Essential legal safeguard for flat buyers facing builder delay, structural defects, or unauthorized plan changes.

Educational Study Note:

Registration mandatory for all commercial and residential projects where land area exceeds 500 sq meters.

Official Reference: State RERA Authorities (e.g., MahaRERA, UP RERA)