Builders and prospective house buyers across the country are awaiting the Real Estate (Regulation and Development) Act 2016 (RERA), which is expected to change the way business is done in the real estate sector and benefit consumers as well as builders. “Many changes are expected and there will be implementation challenges,” says Gautam Chaterjee, chairman, Maharashtra Real Estate Regulatory Authority (Maha RERA). “Developers have to register within 90 days. The penalties are huge. Everyone has to gear up.”