Definition
Enacted in 2016, the Real Estate (Regulation and Development) Act (RERA) fundamentally transformed Indian real estate. It mandated the establishment of a regulatory authority in every state. RERA enforces strict transparency: developers must deposit 70% of buyer funds into an escrow account strictly for construction use, they must sell by "Carpet Area", and they face severe penalties for delaying possession beyond the declared deadline.
Practical Example
Before RERA, a developer could legally take 100% of the money from buyers of "Project A" and use it to buy land for a completely different "Project B," stalling Project A indefinitely. Post-RERA, the developer must open a RERA-monitored escrow account for Project A. The bank will only release those funds matching the exact percentage of construction completed, certified by an architect and CA.
Application in Superwise
Superwise is the ultimate tool for RERA compliance. By accurately mapping actual construction progress vs the baseline schedule, Superwise provides the verifiable, auditable project data that developers must legally upload to the state RERA portals quarterly, proving to the government that construction is correlating with the funds withdrawn from the escrow account.
Are you ready to SuperWise?
Take a demo or signup now to experience an empowering construction project management solution.