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RERA Bill 2016 Guide - Real Estate Regulation and Development Act 2016
Updated : February 7, 2024
Author :
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Are you scared to buy a home after hearing about various housing scams, cheating scandals, and bribe stories? Well, with the Real Estate (Regulation and Development) Act, 2016 you have nothing left to worry about. This Act has taken over 8 years to come into effect and is here to protect you as a consumer when you’re looking to invest in Real Estate.
What is the RERA Act about?
RERA Act was created to transparency between buyers, owners, and promoters of property. With this Act in place, you’ll see a reduction of disputes related to the Real Estate in India and an increase of investment in the real estate sector. As a consumer, the Act is created to protect your rights and ensure timely delivery of projects. You can also be sure of the property that you purchase from now on as every project first needs to be registered with the Real Estate Regulatory authorities.
Key Features of the RERA Act
- This act is created by the central government and not the state government, this means that builders can’t use friendship or family ties to bend these laws in their cities.
- All commercial and residential real estate projects with land over 500 square meters or more than 8 apartments should register under this Act.
- No property can be sold or promoted unless they are registered under the RERA Act. Failure to register the property can lead to the builder facing a 10% penalty or up to three years in prison.
Are you wondering what happens to Projects that are Under Construction?
Well, in this case, if construction is still ongoing when the Act is enforced and the builders have not yet got a completion certificate, they are required to register for the Act within 3 months of the Act being enforced. In other words, this Act does not apply to projects that have received a completion certificate prior to the commencement of this Act.
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Now that the act has been enforced in Karnataka all buyers can heave a sigh of relief. Buying real estate is now safer and more transparent. If you’re looking to buy a house in Bangalore, let NoBroker help. We have plenty of options for you to choose from and can save you plenty of money on brokerage. Click below to found out more.
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Author
We’d love to hear your thoughts
Radhika
Gr8 info thanks for sharing with us ...and keep sharing..
Saroj
Thanks.......... How builders can register in rera.... what dacuments required from builders to register in rera...?
NoBroker Technologies
Hi Saroj, You will need to make an application to get registered with RERA in the RERA body of your state. While applying for the registration, you as the builder /promoter should give all your personal as well as project related details. Supply a copy of ownership of land, details of the project that have been planned, schedule of construction, status of land, pro forma agreements and the information of all the real estate agents, contractors, engineers etc. involved in the project. We hope this helps. Regards, NoBroker Team
Pranav
Hi, my plot area is 430 mtrs.... its a redevelopment project. there are in all 21 flats, out of which only 5 are to be sold rest are old tenants. Do we need to register under RERA? The building is expected to be completed in next 6-9 months.
NoBroker Technologies
Hi Pranav, There are certain conditions under which you need to register for RERA such as- 1) Your state has notified the rules 2) Your building has not received completion certificate yet. If the answer to both these questions is yes, then please register ASAP to avoid hefty fines. Regards, NoBroker Team
Anu
Hi, I m almost finalizing to buy an high rise apartment in Bangalore which is under construction. Since RERA is not yet implemented in Karnataka, will I get any benefit if I get registration done by end of the month? By when Karnataka has to implement this law? Thanks
NoBroker Technologies
Hi Anu, The government was to bring RERA into effect by May 1st 2017. But, as of now there is no update from them as to when it will come into play, it could take days or weeks. RERA is meant to benefit you as a consumer, so its always beneficial to wait. Hope this helps. Regards, NoBroker Team
Sanaya Dhamodiwala
Hi there! Is there any affect of RERA on rental property?
NoBroker Technologies
Hi Sanaya, If the property that you're renting has received its completion certificate then you have nothing to worry about. If it has not, then you need to inform the owners to register the property within 3 months of the enforcement of the RERA act. We hope this helps. Regards, NoBroker Team
Shuan
Wow.Its a superb act started by the government, This will not only punish the builders if they dont register but it will also keep a record of where and when. Thanks for sharing the blog it was truly helpful.
Vijai Bagaria
Our Land area to be developed is 490 SqMt. and Flats to me constructed are 10. Do we require Registration under RERA?
NoBroker Technologies
Hi Vijai, As per RERA land above 500 square meters or more than 8 apartments needs to be registered. Although you land is below 500 sq meters it will still have to be registered as you are constructing 10 apartments. If you were to construct only 8 then the RERA act will not apply to you. Hope this helps. Regards, NoBroker Team
verma
Hello Sir, I am a work contractor, My firm has bought 40 plots from a developer ( a registered co-operative society). The society still has many plots with it, although total sale deeds including mines takes him well over 60% of sale deed , which makes him eligible to not register in RERA as per UP RERA regulation. Now for me although I am a bulk buyer , I do not own the project land completely, Nor do i have any partnership with Society. I have separate 40 plans sanctioned by development authority . All the plots on which only one unit will be constructed and none of which individually go beyond 150Sq.m. In this case do I need to Register? If yes how do I propose my project. If I do not need to register what clause saves me.
NoBroker Technologies
Hi Verma, From what I understand, out of 40 plots you are using only one plot for construction? Or are you saying 40 plots with 40 units of 150sq m. ? If it is the second case, then you'll need to register the project under RERA. To get a more accurate understanding of your situation, it's advisable to meet a lawyer or a local RERA representative. Thanks, NoBroker Team
NoBroker Technologies
Hi Aslam, To help you better we would need more details such as which city this property is in, what the intended use for the property is and so on. Thanks, NoBroker Team
vishvjeet
HI..what about older projects which are say like before 2010 which are already completed but no society formed yet..? Does they needs to be registered under RERA..? I am owner of one of the flat in that apartment and I want to sell it now..? Do I need to get RERA id for this project from builder ..the date of completion is around 2004 .. Are their any other things that I need to consider while selling this flat. Area -Sus Gaon,Pune,Maharashtra,
NoBroker.com
Hi Vishvjeet, Your building will not come under RERA as the act is applicable only for those buildings that don't have a completion certificate yet. This is assuming that there are more than 8 flats in the apartment and it is more than 500 square meters, if it is not, you would not have to worry about RERA anyway. We hope this helps. Regards, NoBroker Team
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pragathi
Thanks for sharing the grateful information.