The RERA Act or the Real Estate (Regulation and Development Act), 2016 was adopted by the Central and State Governments of India in the summer of 2016. The main purpose of the Act is to protect the interests of homebuyers and homeowners against the fraudulent practices which had become prevalent and were widely adopted by developers and real estate brokers. However, since the implementation of the act, these practices have been eliminated and people can easily buy flats for sale in Bangalore and various other places.It has specified norms, which are to be adhered to and which have significantly altered the industry functioning. 

Some of these are:

1. All builders and developers constructing a plot of land of above 500 sq. mts or 8 stories are required to be registered with RERA. If a developers fails to register with RERA, they will face a penalty of 10%. 

2. Only after the project has been registered, can it be advertised or sold. 

3. Evey apartment block or phase of a project, cannot be clubbed with the rest of the project, and will be considered as standalone.

Additional Read: How RERA is going to help homebuyers

4. Once a flat or residential area has been sold to homebuyers - the construction plan cannot be altered in any way. Changes in the plan require the consent of 2/3rd of the buildings owners. 

5. If the flat or home is not delivered as the promised deadline, the homeowner has the right to withdraw from the project. The developer is then expected to pay the entire amount to the buyer. If the homeowner does not wish to withdraw, the developer is then expected to pay an interest till the constructed property is delivered to the homeowners satisfaction. 

There are many other norms that RERA has made mandatory, and you can click on the link provided below to know them.
Visit here to know more: Know the Significance of RERA Act