The term 'RERA' stands for __________.

Question

Question

This question was previously asked in

UP Police SI (दरोगा) Official PYP (Held On: 12 Nov 2021 Shift 3)

Answer 1

The Correct answer is Real Estate Regulatory Authority.

Key Points

The term RERA stands for Real Estate Regulatory Authority.
RERA was introduced in India under the Real Estate (Regulation and Development) Act, 2016.
The main objective of RERA is to protect home-buyers and also boost real estate investments.
RERA ensures transparency and accountability in the real estate sector.
It mandates that builders and developers register their projects with RERA before advertising or selling.
RERA provides a mechanism for grievance redressal for buyers against builders.
The authority aims to reduce project delays and ensure timely delivery of properties.

Additional Information

Real Estate Authority
- There is no specific regulatory body known as the "Real Estate Authority" in India.
- This term is often confused with the Real Estate Regulatory Authority (RERA).
Real Estate Re-development Authority
- This term does not refer to any recognized regulatory body in the real estate sector in India.
- Re-development usually refers to the process of reconstructing or renovating existing buildings or infrastructure.
Real Estate Review Authority
- This term does not correspond to any official regulatory body in India.
- Review authorities are generally bodies that assess and review certain aspects, but there is no such recognized authority specifically for real estate.