A new era in real estate has begun with the passage of the Real Estate Regulation and Development Act (RERA). This study examines the impact of RERA on multiple stakeholders in the construction industry in Maharashtra, India. A descriptive statistical analysis was conducted using a 5-point Likert scale and IBM SPSS software to collect and analyze data from different stakeholders in the construction industry. A Relative Importance Index (RII) was used to assess the relative importance of each stakeholder’s quality factor, and Spearman rank correlations were conducted to measure their correlation. Several Maharashtra cities were studied, including Mumbai Suburban, Thane, Panvel, Nagpur, Nashik, and Pune. The study found that most stakeholders gave high importance to various RERA factors, with the highest rank of 0.893 for promoters, 0.895 for real estate agents, 0.886 for allottees, and 0.930 for professionals. The Spearman rank correlation analysis showed a significant correlation between different RERA factors, with a value of (rs) = 0.279 for promoter RERA variables. The study also found different values of (rs) for real estate agents, buyers/allottees, and professionals RERA factors. An insight into the impact of RERA on construction stakeholders in Maharashtra, India is provided in this study. Using RII and Spearman rank correlation analysis, various quality factors and RERA factors are analyzed to gain a comprehensive understanding of their relative importance. According to the study, stakeholders support RERA and its impact. Consequently, these findings can be used to improve similar regulatory frameworks in the future by policymakers and industry professionals.