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RERA : Whats is RERA (Real Estate Regulatory Authority) Part 1

Published on 15 Oct 2019 / In Company

RERA : Whats is RERA (Real Estate Regulatory Authority)

What is RERA = Real Estate Regulation & Development Act 2016 ( Part 1 )

Every State and Union territory has its own RERA

• Why RERA (Objectives of RERA)

Real estate industry was unregulated

It will Improve Taxability, Accountability, governance Cheating with buyers , Delay in Possession, Quality Issue in buildings .

Now there would be Authority and Appellate tribunal in every State and UT

• Applicability of RERA

Hence in order for a project to be “applicable” under RERA:

Intention to sell/book/advertise and
1. Land area should be more than 500 sq meter or
2. Units should be more than 8 and
3. Completion certificate should not have been received as on 1st May 2017.

• Provisions of RERA are applicable to Primary Market only.

• Advantages of RERA

1. selling on basis of Carpet Area & not on super built-up area
2. each project should have a separate bank account
3. After sale service of five year
4. No change is plan without Approval of 2/3 allottees
5. Consent of 2/3 allottees is required for transferring major rights

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