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What is RERA Act?

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0 2021-12-27T17:35:17+00:00
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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 Act

Established 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

I hope now you know what is RERA in real estate.

Read more:

What is RERA? How To File RERA Complaint Online? What is RERA Certificate? How to check RERA complaint status?

This is all on what is the RERA. I hope this helps!

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Nishant

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