Glossary ยท R
RERA (Real Estate Regulatory Authority)
The law and state authorities that regulate Indian real estate, protect homebuyers and require project transparency.
What is RERA (Real Estate Regulatory Authority)?
RERA is the Real Estate (Regulation and Development) Act, 2016, which created a regulatory authority in every Indian state. Developers must deposit 70% of buyer funds in an escrow account used only for construction, sell by carpet area and face penalties for delaying possession beyond the declared deadline.
Practical example
Before RERA, a developer could take all the money from buyers of Project A and use it to buy land for Project B, stalling Project A indefinitely. After RERA, the developer must open an escrow account for Project A, and the bank releases funds only in line with the percentage of construction completed, as certified by an architect and a CA.
In SuperWise
SuperWise records task progress against a schedule baseline and shows the variance from it. Approvals and certificates can be stored as project documents with a folder, a purpose, a stage and a revision. A developer can use these records when preparing the progress figures a RERA update asks for.
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