RERA Real Estate Regulatory Authority of India - 09988091143

RERA Real Estate Regulatory Authority of India - 09988091143

The Real Estate  – Regulation and Development Act ,2016

The Rera Act (Regulation and Development Act ,2016) is an act of Parliament / Government of India which makes it obligatory for all commercial and residential real estate projects/ Property in India, to register with RERA before launch or introducing a project. Rera Full form is - Real Estate Regulatory Authority of India presenting Rera rules & guidelines of real estate sector & making it organized sector of india. Rera act was passed on May 1 ,2016 and implemented on May 1 ,2017 in order to provide more transparency , trust worthiness and consistency in project implementation. The Main aim is to protect the interest of the potential buyers and Developers in real estate Market. The act has been implemented in many States such as Rera Punjab, Rera Haryana, Rera Up, Rera Gurgaon, Rera Chandigarh etc.

Rera Rules & Regulations:

  • Real Estate Developers / Agents who facilitates Selling and buying of properties must take prior Approvals from RERA and must have RERA Registration number.
  • On successful Registration, Developer will be provided with a RERA registration number and there is an RERA agreement between developer and RERA in which builder has to mention all the minor and major details of project and mandatory to give possession to buyers on mentioned time.
  • For Failure to deliver the project on time given in RERA Agreement, a penalty of up to 10 % of the project cost or custody of 3 years may be imposed
  • In case of any quality issue, for First Five years ,it is a responsibility of Developer to Rectify the issue within 30 days
  • An Act to establish the Real Estate Regulatory Authority for regulation and advancement of the real estate sector and to ensure sale of plot, Flats / apartments or sale of real estate project, in an effective and crystal clear manner to protect the interest of home buyers in the real estate sector.
  • It is mandatory for all Real Estate Projects to be registered under Real Estate Regulatory Authority of India.

Escrow Account:

It is Compulsory for Developer to have escrow account where he can save the payment transactions of buyers- 70% cash given by Consumer deposited in escrow account used in the construction of the same project for which the payment has been taken and Developer can use remaining 30% cash in his other projects. The Aim is to protect the interest of home buyers or investors of real estate projects by providing Timely handover to them.

                                                                        

Protection of Buyers

  • No Builder / Agent can sell any project without attaining RERA Registration.
  • RERA will provide registration after analyzing all necessary particulars – like legal documentation, registration of land, approval from various authorities & licenses.
  • RERA helps to ensure the timely completion and delivery of the project to protect the interest of home buyers and Investors.
  • Another major rule under RERA is developer provides quality assurance for the First Five years after giving possession to Buyer.
  • It ensures the sale of Flats / apartments / plot or sale of real estate project, in an efficient and Effective manner to win the Confidence of consumers.
  • Developer can’t advertise the project without applying for RERA to safeguard the client’s interest.
  • Under RERA , real estate agent or developer can’t promises any amenities and facilities not mentioned in documents.
  • With RERA in force ,No Developer involved in unfair Trade practices and not to make any false statement – Oral, written, visual , improving the awareness of client.
  • With RERA in force ,No Developer involved in unfair Trade practices and not to make any false statement – Oral, written, visual , improving the awareness of client.

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