RERA will protect buyers from non-professional developers by promoting ensuring the land title is clear, the encumbrances are sustainable, the documents for sale are sound and legally enforceable and in accordance with the model documents. The physical progress and the financial discipline is monitored by independent engineers and financial experts as well as by ensuring the development and operation of the owners' associations.
The Act shall drive great transparency in the real estate sector as follows:
- sanctioned plans, layout plans, along with specifications, approved by the competent authority
- Proposed Plan, Proposed Layout Plan of the whole project and Floor Space Index proposed to be consumed in the whole project, as proposed by the promoter
- Proposed Number of building(s) or wing(s) to be constructed and sanctioned number of the building(s) or wing(s).
- the stage wise time schedule of completion of the project, including the provisions for civic infrastructure like water, sanitation and electricity.
- quarterly update of the list of number and types of apartments or plots, as the case may be, booked
- quarterly update of the list of number of covered parking, garages booked;
- quarterly update of the list of approvals taken and the approvals which are pending subsequent to commencement certificate;
- quarterly update of the status of the project; and
- such other information and documents as may be specified by the regulations made by GUJRERA.
The advertisement or prospectus issued or published by the promoter shall mention prominently the website address of GUJRERA, wherein all details of the registered project have been entered and include the registration number obtained from the Authority