I was talking to a friend about his views on a project I am planning to invest in. The first question he asked me is whether this project is RERA registered or not. I did not know about the RERA registration, so I asked him what is RERA act in India? This is what he told me:Real Estate Regulation ActEstablished under the Real Estate (Regulation and Development) Act, 2016, RERA is the Real Estate Regulatory Authority that aims to regulate the real estate sector and protects the interests of the stakeholders, real estate brokers, homebuyers, and builders of the real estate industry.Now that you know what RERA act is, let me tell you about the objectives of RERA:
To enhance the reliability of the real estate sector and increase confidence amongst the investors.
To impose greater responsibilities on both the investors and the builders
To enhance the flow of correct information between the sellers and the home buyers
To implement Pan-India standardization
To reduce the chances of fraud and maintain transparency
To protect the allottees’ interest and ensure their responsibility
Which projects can get RERA approved?
Residential and commercial projects including plotted development.
Projects without the Certificate of Completion, before the Act’s commencement.
Projects that measure more than 500 square meters or 8 units.
The project is only for the purpose of redevelopment/repair/renovation that doesn’t involve re-allotment and marketing, selling, advertising, or new allotment of any building, plot, or apartments in the real estate project, will not fall under RERA.
Each phase is to be treated as standalone real estate project needing new registration
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What is RERA Act?
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December 27, 2021
2021-12-27T17:33:36+00:00 2021-12-27T18:03:24+00:00Comment
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