RERA stands for Real Estate Regulatory Authority which was established to regularize the problems that subsist in the real estate sector. Before Advertising, Marketing, Book, selling or offering for sale, invite persons to invest in any plot, apartment, or building it is mandatory to get the RERA registration.
Under the RERA Act, if a buyer discovers any defect or fault in the construction, quality, or provision of the flat within five years of taking possession, the builder will rectify the defect within 30 days at no additional cost. The buyer is entitled to compensation if the builder fails to correct the problem.
Under RERA, if any defect is brought to the promoter’s attention within 5(five) years of handing over possession of the property, it shall be the duty of the promoter to rectify the defect. RERA mandates that every real estate project be registered with the Real Estate Regulatory Authority.
There is a slight difference between RERA and MOFA carpet areas. RERA carpet area is the net usable area of a flat without the area covered by the external walls but includes the internal partition of the walls. MOFA carpet area is the entire floor area, along with the balcony.