Everything you need to know about RERA (Real Estate Regulatory Authority)
What is RERA
In 2016, the Indian government passed the Real Estate Regulation Act, which improves transparency in buying and selling homes/plots all around the country. This regulation got implemented to address the concerns of stakeholders involved in Real Estate, including purchasers, builders, brokers, etc. In its entirety, the Act seeks to eradicate inconsistency and illegal activities within the sector.
Why RERA is needed
- To ensure that the real estate-related legal matters get dealt with in the country, the Government of India has established various RERA committees in union territories and states.
- To promote uniformity and transparency in the real estate sector, we need this enactment to keep track of transactional activities and secure the transfer of properties.
- Also, this regulation intends to conform all stakeholders to the provisions of the Act.
Setting up the Authorities
State-level and union territory-level Real Estate Regulatory Authorities are established by the Act. Among its responsibilities are the protection of stakeholders’ interests, data maintenance, and resolution of grievances. An extension of a maximum of 60 days may only get granted if a reason is recorded for the delay, for preventing long durations. Additionally, the affected party can also appeal to the Real Estate Appellate Authority (REAT).
The central law requires that every real estate project (with more than 500 sq meters or more than eight apartments in any phase) get registered with the respective state’s RERA. There are also registration requirements for existing projects that do not have a completion certificate (CC) or occupancy certificate (OC).
Role of Promoters
The promoter is the person responsible for promoting the development or construction of a project. Under this regulation, The RERA website will allow home buyers to track project progress since promoters must report regular progress information to the regulator.
Telangana’s government announced its RERA rules on 31st July 2017. The rules apply to real estate projects that received building permits after 1st January 2017. From the respective authorities. Real estate agents, homebuyers, and developers can all benefit from these regulations. An authoritative body, known as the TSRERA, aims to make doing business in the state easier.
The RERA protects the interests of home buyers and investors by organizing and regulating the real estate market. This Act covers more than 70% of all projects in the country. Keeping this into consideration, we at Flivv Realty make sure that your rights as a Real Estate stakeholder are protected under RERA.
Our goal is to make your investment as seamless as possible for you to enjoy the infinite growing opportunities in the future.