Simplified Transactions: RERA was enacted to simplify real estate transactions by streamlining the complex regulatory system and providing relief to both builders and residents. It aims to create a transparent and efficient real estate market. Establishment of Authorities: RERA led to the establishment of various authorities tasked with regulating the real estate sector. These authorities work on developing best practices, proposing amendments to the act, and ensuring effective communication between all stakeholders. National RERA Conclave: The National RERA Conclave was organized to share best practices and processes developed by different authorities. This helps newly formed state authorities understand and implement the fundamental aspects of the act. Promotional Brochure Submission: Promoters are required to submit every type of promotional brochure they distribute within seven days, along with their signatures. This ensures that promises made in promotional materials are documented and can be held accountable. Project Status Tracking: Promoters are mandated to provide project status updates, which can be monitored online. This transparency helps buyers stay informed about the progress of their investments. Joint Development Projects: Both the landowner and land developer in joint development projects must register as promoters to protect the interests of allottees. Bank Account Regulations: Haryana's regulatory authority has set rules for opening and maintaining bank accounts related to real estate projects. This includes a master account, a separate RERA account, and a free account, all supervised by the authority. Disclosure of Property Size: Developers are now required to disclose the size of apartments based on the carpet area, which is the area enclosed by four walls. This aims to reduce discrepancies between what buyers pay for and what they receive. Clear Title Disclosure: Promoters must disclose that the property and project have a clear title in materials available to the public. This provides assurance to potential buyers regarding the legality of the property. Defect Liability Clause: To ensure building quality, the "Defect Liability Clause" holds promoters responsible for fixing any quality or structural issues for a period of five years. This incentivizes builders to maintain high-quality construction. Consent for Plan Changes: Promoters must obtain the consent of at least two-thirds of the project's buyers to make changes to plans and specifications agreed upon initially. Consumer Protection: RERA is seen as a significant step in protecting the interests of both buyers and developers. It addresses issues of misconduct by defaulting promoters and aims to provide quick resolutions for buyers facing problems with dishonest builders. In Short, RERA has brought about significant changes in the Indian real estate sector by promoting transparency, accountability, and consumer protection. It aims to create a fair and balanced environment for all stakeholders involved in real estate transactions..

The Real Estate Regulatory Act (RERA) of 2016, introduced in India, has had a significant impact on the real estate industry. Here are some key takeaways and insights from your provided information: