RERA Registration

The Real Estate (Regulation and Development) Act was passed by the Indian Parliament on 1st May, 2016. This act has been passed for protecting home buyers and helping in boosting investments throughout the industry for real estate.

The Main Objective of The Real Estate Act is:

  • Establishing the Real Estate Regulatory Authority for the regulation and the promotion of the Real Estate market.

  • Ensuring complete transparency in real estate projects.

  • Protecting the interests of the consumers throughout the Real Estate Market and establishing a certain adjudicating system for quick dispute redressal.

  • Providing proper and complete information about Builders.

  • Providing suggestions to perfect the Government on in different matters pertaining to the growth and the encouragement of the real estate market.

Salient Features of The Real Estate Act include:

  • The act sets up the State Real Estate Regulatory Authority in the form of a government body that needs to be approached for the redressal of complaints against builders.

  • It vests complete authority on the real estate regulator for governing both commercial and residential transactions related to real estate.

  • The law makes it obligatory for the developers to present all information on different problems like project layout, plan, land title status, schedule for completion of project, sub-contractors working on the project and government approvals with the State Real Estate Regulatory or RERA and post this, in effect, pass the same information to the consumers.

  • Presently, in case a certain real estate project gets delayed, the developer does not have to go through any problems in any way. The law now ensures that delays in project completion will have the developer responsible to make payments of the same interest as the EMI that is being paid by the consumer to the bank back to the consumer.

  • Maximum jail term for developers violating the orders of the appellate tribunal of RERA is three years either with or without fine.

  • Developers cannot make any alterations to the plans that have already been sold out without the written permission of the buyers.

  • Every project that measures over eight apartments or over 500 square meters will need to be registered with the Real Estate Regulatory Authority or RERA.

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