The Real Estate Regulation and Development (RERA) Act, 2016 came into effect on May 1, 2017, to protect the interests of homebuyers and improve the real estate sector in India. The main goal of RERA is to bring transparency, accountability, and efficiency to real estate transactions, especially for buyers and investors in areas like Hubli-Dharwad and North Karnataka. The Act tackles issues like project delays, hidden charges, and unclear project details, ensuring that developers provide accurate information and stick to the promises made to buyers.

RERA includes several important features to improve the sector. It protects homebuyers by ensuring developers deliver what they promised, including on time and with good quality. The Act also requires developers to keep buyers' advance payments in a separate bank account, so funds aren't misused. Developers must also prove they own the land they’re building on, which helps prevent fraud. Another key part of RERA is defects liability, where developers must fix any structural issues with the property within a certain time frame at no extra cost to buyers. These rules help build confidence in the real estate market in Hubli-Dharwad and North Karnataka.

In addition, RERA regulates real estate agents, requiring them to be registered and follow certain rules to ensure a fair and transparent process. The Act also provides a way for buyers and developers to resolve disputes quickly through Real Estate Appellate Tribunals. Overall, RERA aims to make the real estate market more transparent and buyer-friendly. At Santosh Kotli & Co., we help developers and buyers in Hubli-Dharwad and North Karnataka navigate these rules and ensure their real estate transactions are smooth and legally compliant.