The Real Estate Regulation and Development Act has transformed the Indian real estate industry. Since its inception in 2016, it has brought a flurry of improvements in this sector, such as better fraud protection, enhanced transparency, timely delivery of projects, and prevention of misuse of funds. All builders and developers in India are mandated to register their projects under the Act. Here are a few advantages of the act that have helped the real estate sector: These projects are required to maintain a standard method for calculating carpet areas of propertiesAs per the Act, no developer can ask for more than 10% of the property’s cost as advance paymentIf a builder fails to complete the construction of its project within the due date, it may have to pay a penalty to the buyerDevelopers are mandated to disclose all details of their projects on the official websiteDevelopers are required to create a separate reserve account for a project and park 70% of the funds received from the buyers in itHomebuyers can take the grievances with the official authorities, and they will be resolved within 30 daysThe builder is liable to rectify any structural defects in a property found within five years of construction at its own costAll these rules have helped in the tight regulation of the Indian real estate industry.