Chapter 01 Are you ready to buy a house?
Chapter 02 Top Tips for first time home buyers
Chapter 03 Axis Bank EMI Waiver vs ICICI Banks
Chapter 04 GST impact on the realty sector
Chapter 05 How to buy a home that delivers long-term ROI?
Chapter 06Is it constitutional to apply RERA?
Chapter 07How will GST and TDS impact rental income?
Chapter 08Income Tax Benefits on Rent Paid
Chapter 09Griha pravesh tips for your new house
Chapter 10 How to choose the right colours for your home?
Chapter 11 What is Carpet Area, Built-Up Area?
Chapter 12 How carpet area definition changes?
Chapter 13 Vastu Tips For Bedroom
Chapter 14 Can an NRI purchase or own a property?
Chapter 15 State Draft Rules Of RERA By State Wise:
Chapter 16 RERA Act is Real Estate
Chapter 17 Hike in Guidance Value may hit flat buyers
RERA ACT is Real Estate (Regulation and Development) Act, 2016 by the Parliament of India. The RERA act is established to protect home-buyers as well as help boost investments in the real estate industry, helping builders. It is expected to be the biggest reform in the sector.
Real Estate Regulatory Authority (RERA) Bill was introduced by the Indian National Congress government in 2013 and was passed by the Rajya Sabha on 10th March 2016 and by the Lok Sabha on 15th March 2016. The Act came into force on 1 May 2016 with 69 of 92 sections notified. The Central as well as State governments are liable to notify the Rules under the Act within a statutory time period of six months.
The RERA Act makes it mandatory for all projects pertaining to commercial and residential real estate, where the land is over 500 square metres or 8 apartment for sale, to mandatorily register with the Real Estate Regulatory Authority India[RERA]. For this, the developer must disclose names of promoters, project layout, land status, the status of statutory approvals, plan of development work, the draft of builder-buyer agreements, names and addresses of real estate agents, contractors, structural engineers and architects to the authority.
All of this information has to be made available on the regulator's website and has to be regularly updated by the developer. A clear view of the number of units sold and construction status should be disclosed. The buyer will hence be aware and get information on defaulting developers.
This is to bring in greater transparency in project-marketing and execution for launching a project. On-going projects, which have not received completion certificate on the date of commencement of the Act, will have to seek registration within 3 months of time.
The application received for registration should be clearly approved or declined within a period of 30 days from the date of application by the regulator. On successful registration, the project promoter will be provided with a
The applicants need to fill up all the essential details on the RERA website. Failing to do so, a penalty of up to 10 percent of the project cost or three years of imprisonment may be imposed.
Real estate agents will be issued a single registration number for each State/Union Territory for facilitating their business of selling or purchase of properties. The same number must be quoted by the agent in every sale done by him.
Here is how the new real estate bill will benefit consumers
RERA aims to protect the interests of the builder's through appropriate policies such as
The RERA Act will bring in the much-required standardization and professionalism in the Real Estate Sector, leading to a healthy and orderly growth of the industry. Specialized regulation and enforcement ensures consumer protection and fraudulent activities like money trail and curbing money laundering. The bill promotes transparency and fair and ethical practices, through disclosure of project details and contractual obligations between the project and the buyer. An established and separate regulatory mechanism will enforce accountability and speedy redressal of grievances. The bill will catalyze domestic and foreign investment into the sector, giving a boost to the builders and buyers.
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