RERA in 2024: Everything Homebuyers Need to Know About Registration and Compliance

The Real Estate (Regulation and Development) Act (RERA) is a game-changing law that transformed how properties are bought and sold. Whether you are a first-time homebuyer or a property developer, RERA sets clear rules to bring transparency, accountability, and trust into the real estate sector.

In this blog, we explain the RERA registration process, compliance requirements, buyer benefits, and the latest RERA 2024 updates—all in simple, clear language.

What Is RERA?

Enacted in 2016, RERA ensures developers are transparent and accountable. It protects homebuyers from fraud, delays, and unfair practices, while creating a more organised and reliable real estate environment.

RERA Registration Process: Step-by-Step Guide

Developers must register their project under RERA before advertising or selling. Here’s how the registration process works:

Step 1: Prepare Required Documents

• Company registration certificate
• PAN card and ID proofs
• Approved building plan and layout
• Title deed or land ownership proof

Step 2: Submit Application on State RERA Portal

• Fill out online forms
• Upload documents and project details

Step 3: Pay the Registration Fee

• Fee amount depends on the project size and location

Step 4: Await Verification

• RERA authority checks all submitted documents

Step 5: Get Registration Certificate

• Once approved, the project is officially registered and given a unique RERA ID

Make your property search easier by exploring homes that are already RERA-registered and verified — browse safe listings here.

RERA Compliance Rules for Developers

RERA lays out strict rules developers must follow after registration:

Mandatory Project Disclosures

Developers must clearly share:

• Project timelines
• Layout plans and location details
• Progress updates
• Land and legal documents

Escrow Account Requirement

• 70% of the money collected from buyers must be deposited in an escrow account
• This amount must be used only for that specific project

On-Time Project Delivery

• Developers must hand over projects by the committed date
• Delays attract penalties or compensation

Quality Assurance

• Builders are responsible for any construction defects for five years from possession
• Repairs must be done at no extra cost to the buyer

Benefits of RERA for Homebuyers

RERA protects homebuyers in the following ways:

Transparency

• Buyers get complete access to project approvals, plans, and timelines
• No more guesswork or false promises

Timely Possession

• Buyers are protected from project delays
• Compensation is mandatory if possession is delayed

Construction Quality Guarantee

• Buyers can report defects for up to five years
• Builder must repair without cost

Financial Protection

• Escrow rules ensure your money is used only for the promised construction
• No mismanagement of funds

Legal Power to File Complaints

• Buyers can file a complaint online if any rules are violated
• Fast resolution is supported by RERA authorities

RERA 2024 Updates: What’s New?

Greater Transparency Rules

• Developers must now share even more details on RERA portals
• Buyers can track every stage of the project

Stricter Penalties

• Delay in delivery now attracts heavier fines
• Developers are under higher pressure to stick to timelines

Enhanced Construction Standards

• New quality benchmarks to avoid future maintenance problems
• Better materials and safety checks required

Stronger Redressal System

• Complaint systems now offer faster response times
• Buyers face less hassle for grievance redressal

Larger Escrow Requirement

• Developers must keep a higher percentage of funds in escrow
• Offers added financial safety for buyers

Compliance in 2024: Key Changes

Simplified Yet Stricter Process

• Online registration is faster
• Scrutiny is tighter — more documents, more transparency

Expanded Project Coverage

• More types of projects (e.g., plotted developments, renovation schemes) now fall under RERA

Higher Penalties for Non-Compliance

• Developers face steeper fines for not following new rules

What RERA Means for Homebuyers in 2024

RERA has made homebuying safer and more transparent than ever before. With the 2024 updates:

• Homebuyers are less likely to face delays
• Legal protections are stronger
• Developers have less room for mismanagement
• Filing complaints and getting resolution is quicker

Conclusion

RERA continues to evolve — but its core purpose remains the same: protecting homebuyers and bringing order to the real estate sector.

Whether you are booking your first flat or investing in a new commercial project, make sure it is RERA-registered. This ensures your rights are protected, and your investment is secure.

Frequently Asked Questions (FAQ)

1. Is RERA applicable in every state?

Yes, each state has its own RERA authority and portal. Check your local RERA website for details.

2. Can I file a complaint under RERA online?

Yes, most states allow online complaint filing on their RERA portal.

3. What happens if the builder delays the project?

If the delay violates the agreement, the buyer is entitled to compensation or a refund with interest.

4. How do I check if a project is RERA-registered?

Visit your state’s RERA portal and search the project or builder name.

5. Are old (ongoing) projects covered under RERA?

Yes. If the project didn’t have a completion certificate when RERA came into effect, it must be registered.