India's Real Estate Sector: A Decade of Progress Under RERA
Since its introduction ten years ago, the Real Estate (Regulation and Development) Act, 2016, popularly known as RERA, has revolutionized the Indian real estate sector. The law has brought about significant structural reforms, making the industry more transparent and accountable.
From Trust to Transparency
In the past, buying a home in India often depended on trust rather than transparency. Delayed possession, diversion of funds, incomplete projects and endless litigation had deeply eroded consumer confidence in the real estate sector. RERA aimed to change this narrative, and it has indeed had a profound impact.
The Key Provisions of RERA
- Mandatory Project Registration: RERA requires all real estate projects to be registered with the state regulatory authority, ensuring that buyers have access to information about the project.
- Escrow Norms: The law mandates that 70% of buyer funds be parked in escrow accounts, preventing developers from diverting customer advances to unrelated projects.
- Standardised Disclosures: RERA has introduced standardised disclosures, making it easier for buyers to understand the project details and timelines.
- Grievance Redressal Mechanisms: The law has established grievance redressal mechanisms, ensuring that buyers have a platform to resolve disputes and seek justice.
The Impact of RERA
RERA has had a transformative impact on the Indian real estate sector. Organised developers have gained prominence, institutional capital has increased, and homebuyers today have far greater visibility into project approvals, timelines and execution.
Challenges Ahead
While RERA has made significant progress, there are still challenges to be addressed. Concerns around uneven implementation across states, slow dispute resolution and a perceived pro-developer tilt continue to persist. Experts emphasize the need for faster adjudication, stronger enforcement, technology-led monitoring and greater uniformity across states.
The Way Forward
As RERA completes ten years, the industry is looking forward to the next phase of the law's evolution. Industry leaders are calling for a more robust and effective regulatory framework, one that prioritizes consumer protection and justice. The true test of RERA will lie in how quickly and consistently justice is delivered to millions of Indian homebuyers.
Experts Weigh In
Anand Kumar, Chairman, Real Estate Regulatory Authority (RERA), NCT of Delhi
"I urge all stakeholders to be honest, to move beyond individual interests and to make this sector more efficient and transparent."
Ankita Sood, National Director – Research, Knight Frank India
"RERA has played a crucial role in formalising the ecosystem, curbing the presence of fly-by-night developers and streamlining the industry through consolidation in favour of larger, more credible players."
Dr. Niranjan Hiranandani, Chairman, NAREDCO
"RERA is one of the most consequential structural reforms for Indian real estate. It has restored credibility to a sector battling a trust deficit."
Statistics
Project registrations have crossed 1.6 lakh by May 2026, up from 1.4 lakh in January 2025. Maharashtra alone has close to 53,000 registered projects, while states such as West Bengal have recorded only around 167 projects to date.