28 Mai 2020
RERA was established by the introduction of the Real Estate (Regulation & Development) Act 2016 to regulate and govern the real estate at the state level. Regulatory authorities are established at state levels that are governing body responsible for
RERA ensures greater transparency & accountability by reducing the chances of frauds and delays that occur in these real estate contracts. RERA benefits the interest of both promoter & purchaser by the following benefits:
RERA has various key-impacts on Real Estate sector-
Introduction of Real estate regulatory authority with Real Estate Appellate Tribunal for fast disposal of case related to the purchase of property, has influenced the real estate sectors. Such tribunal shall be the authority to entertain claims, and no any other civil court or consumer forum will have any jurisdiction. RERA has set standards and ground for fast disposal of grievances.
The main objectives of enforcement of RERA are as follows-
The merits of getting the project registered under RERA are as follows:
Before coming of RERA, constructors used to fake promises to deliver the project to the buyer on a specific date. During the project registration, the estimated time of completion of the project is required to be entered on which plan has to be completed and delivered to customers failing to do, and promoters can be heavily penalized.
At the time of applying for RERA registration, the promoter has to give accurate information of the project right from starting, the construction stage to specific features or amenities provided in the projects.
Before RERA, buyers were falsely attracted to promoters several schemes, and the buyers do not know or least bothered about such approval. Purchases the property from such a developer who later delays the execution of contract due to delays in getting government clearances. During project registration under RERA, approval is compulsory before selling a single flat or house.
The responsibility to repair defects or deficiency is with the developer, in case the buyer finds that after the purchase of property, any structure has an error in project development.
Promoters are not allowed to advertise the projects without getting their project registered under RERA and should display the Registration Number in each advertisement.
10% of the cost of the project has to be paid by the buyer as the booking amount after this, and the sale agreement is prepared and registered.
The applicability of RERA registration are as follows:
RERA registration is an entirely online process that can be done through the official website of RERA, which differs from State to State.
Documents required for RERA registration in any state are as follows:
For Promoters registered as a Company
For Promoter/Builder as an Individual
For Real Estate Agent Registration
How can you register your projects under RERA?
If you want to register a project under RERA Arunachal Pradesh, RERA Sikkim, RERA Haryana, RERA Kerala or any other state follow these steps-
Before the establishment of the RERA, there was no such authority that was responsible for regulating or providing guidelines related to the real estate sector. On the other hand, with the origination of the Real Estate (Regulation and Development) Act, 2016, new rules were set up. RERA Registration is appropriate for promoters, builders or anyone involved in the purchasing or selling off residential properties.
For any query, feel free to contact Corpbiz.
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