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ALSO READ: RERA Act: Only 9 states, 6 union territories submit their notified rules

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"Furthermore, mandatory disclosure of project details, including those of the promoter, land status and clearances, is geared towards protecting consumer rights," Sharma added. 

Echoing similar views, real estate consultancy firm Colliers International India senior associate director Surabhi Arora said in a statement, "It is a positive move towards giving structure to one of the biggest revenue contributor and employment generating sector." 

"This will not only provide clarity on the roles and responsibility of various stakeholders, but also give a level playing field to differentiate between performers and non-performers. This act will be beneficial to both developers and buyers," Arora said.

The real estate act makes the promoters more accountable and liable for their real estate projects. 

According to Crisil Research and Deloitte, here are 10 key benefits of RERA Act for home buyers: 

1. All real estate developers/promoters have to compulsorily register ongoing and upcoming real estate projects with RERA

2. Home buyers will have to pay only for carpet area 

3. Developers/promoters will have to disclose project related details, including: project plan, layout, and government approvals related information to the customers such as sanctioned floor space index (FSI), number of buildings and wings, number of floors in each building, etc.,

4. Developers/promoters will have to transfer 70% of the money received from buyers for particular project to an escrow account. These funds should be used only to cover the cost of construction and land cost 

5. The real estate act includes projects that are ongoing on the date of commencement of the Act that is May 1, 2017  and for which the completion certificate (CC) has not been issued 

 ALSO READ: RERA may revive real estate sector in second half: Experts

6. Developers/promoters have to register their projects with RERA before advertising or marketing

7. RERA 2016 recommends imprisonment for a term which may extend up to three years, or fine which may extend up to 10% of the estimated cost of the real estate project, or both, in case of non-compliance with the Act 

8. If any developer/promoter provides false information or contravenes the provisions of registration of real estate projects - has to pay penalty upto 5% of the estimated cost of the project 

9. Developers/promoters have to update project details quarterly on the RERA website 

10. Any structural defect, or any other obligations of the developer/promoter as per the agreement for sale, brought to notice of developer/promoter within five years from possession to be rectified free of cost