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What is the Real Estate Regulation Act (RERA)? Here is how it will help buyers?

RERA seeks to bring clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders.

The Real Estate (Regulation and Development) Act, 2016 (RERA) has finally given India’s real estate sector its first regulator from Monday, May 1, 2016. The act was passed by parliament last year and the Union Ministry of Housing and Urban Poverty Alleviation had given time till May 1, 2017, to formulate and notify rules for the functioning of the regulator.

So what is RERA?

Here is a look at the real estate regulator and how it will impact the real estate market

According to RERA, each state and Union territory will have its own regulator and set of rules to govern the functioning of the regulator. Centre has drafted the rules for Union territories including the national Capital. While many states are still behind on schedule for notification of RERA rules, many have notified rules and a regulator will start functioning. Some of these states are Haryana, Uttar Pradesh and Maharashtra.

Despite seeing a slump in the past three years, the ticket prices are relatively high and inventories are piling up. Low demand is also contributing to the reduced recovery of investment by developers. These reasons have deterred developers from reducing the ticket prices.

RERA seeks to address issues like delays, price, quality of construction, title and other changes. Delays in projects are the biggest issue faced by buyers. The reasons are many and the impact is huge. Since the last 10 years, many projects have seen delays of up to 7 years. Projects launched after the turn of this decade have faced delays as well. Some have run into obstacles even before a brick was laid. The reasons include diversion of funds to other projects, changes in regulations by authorities, the environment ministry, national green tribunal etc. and other bodies like those involved in infrastructure development and governing transport. In many places, land acquisition becomes an issue. Errant builders often sell projects to investors without the approval of plans, unauthorized increase in FAR, bad quality of construction, projects stuck in litigation etc.
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So what is RERA?

According to RERA, each state and Union territory will have its own regulator and set of rules to govern the functioning of the regulator.According to RERA, each state and Union territory will have its own regulator and set of rules to govern the functioning of the regulator. Centre has drafted the rules for Union territories including the national Capital. Read More..

About RERA Act

The Real Estate Regulation and Development (RERA) Act, 2016 is considered as one of the landmark legislations passed by the Government of India. Its objective is to reform the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline. This is in line with the vast and growing Read More..

Salient feature of the RERA

Establishment of Real Estate Regulatory Authority, Establishment of one or more Real Estate Regulatory Authority in each State/UT, or one Authority for two or more States/UTs, by the appropriate Government for oversight of real estate transactions, To appoint one or more adjudicating officers to settle disputes and impose interest and computation; Read More..

RERA for Promoters/Builders/Developers (How to get Registration)

Promoters will have to furnish the following information and documents for registration of a real estate project with the regulatory authority: • Annual report including audited profit and loss account, balance sheet, cash flow statement, director's report and the auditor's report of the promoter for the immediately preceding three financial..Read More..

RERA for Real Estate Agents (How to get Registration)

Under this Act, the Real Estate Agent shall furnish the following information and documents for registration along with the required forms with the regulatory authority: • Brief details of his enterprise including its name, registered address, type of enterprise, proprietorship, societies, co-operative society, partnership, companies..Read More..