Once upon a time there was a roadie on a footloose who was notorious for only traversing a one-way street - the Real Estate Industry. While the absolute truth is a stuff of legend, the buzz was that all real estate transactions are lopsided and tilt heavily in favour of the developers. The fairy tale has now ended. It was when the much-awaited Real Estate (Regulation and Development) Act, 2016 (RERA) was cleared in the parliament during the tenure of the NDA-led government, that the narrative of the development sector change drastically and objectively.

Contrary to the popular opinion, the new act allows a level-playing field between homebuyers and developers to protect the interests of both these stakeholders. All projects (commercial and residential) having land area over 500 sq. mt. or eight apartments, now have to register projects with the real estate regulator before launching them. The most positive aspect of this Act is that it provides a unified legal regime for the purchase of flats; apartments, etc., and seeks to standardise the practice across the country.

While the Act offers multiple benefits to both parties across multiple parameters, let's study the effect it has held on the advertising approach adopted by developers.

"As per the new RERA guidelines, no promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under this Act. Each advertisement has to carry the RERA registration number."

Raising the bar for accountability, transparency in real estate communication has almost been institutionalised. Developers are now more discreet about their marketing approach. The good news is that after the initial hiccup, the developers have embraced the new regime wholly and whole-heartedly. They are devoting more time and resources in creating detailed project plans and filing registration papers diligently. This process has opened gateways of information for the home buyers - number, type and carpet area of apartments; consent from affected allottees for any major addition or alteration; quarterly update of RERA website with details such as unsold inventory and pending approvals; specification of actionable project completion time frame et al.

Has RERA empowered the industry at large? In more ways than one. It ushered in new standard of accountability in the industry with the professional and ethical players already reaping benefits and the laggard catching up on compliances to avoid the risk of litigation. The big plus for the developers is the relaxed delivery timeline for existing projects.

As on July 31, 2017, 23 States and Union Territories (UTs) have either established their permanent or interim regulatory authorities.

With new provisions in place, the future of real estate transaction surely looks promising not just for the home buyers, but also the developers and the regulators.

Here's to opening doors to a new level of transparency and to homes for happily ever afters.