What is Rera Registration?

RERA or Real Estate Regulation and Development Act is an act passed in 2016 that aims to bring transparency and accountability into the real estate market between buyers and sellers of the property. Earlier to RERA, the real estate transactions were unregulated and hugely in the favour of developers and builders. 

Now that we know what is RERA registration, let us look at some other aspects of the act.

The main objectives of RERA Act are:

1.Increased compliances and reduced frauds by the builders

2.Establishing dispute resolution mechanisms to resolve disputes and grievances

3.Bringing in fair play and reducing delays in handover.

4.Bringing transparency and accountability towards consumers to protect their interests

5.Establishing good governance policies

6.Ensuring smooth operations

7.Setting up the Appellate Tribunal to listen to appeals arising from the orders, decisions or directions of RERA

8.Bringing ease in transactions between buyers and sellers

Some of the major provisions introduced through RERA Registration are:

1.Every state of India will follow RERA guidelines for both, residential and commercial properties

2.The developers have to disclose the carpet area of the properties at the time of sale.

3.Builders and developers have to disclose the details of the project on their websites on a quarterly basis

4.Any project with a plot size of a minimum 500 sq. mt or 8 apartments must be registered with the RERA Authorities.

5.In case of violation of law, the developers can face imprisonment of up to 3 years, while agents and buyers can face imprisonment of up to 1 year. 

6.Advertising, selling, offering, marketing or booking of any plot or apartment is not allowed without any registration with RERA.

The RERA registration process is carried out state-wise. Many states have introduced online portals for RERA registration. Developers and consumers can approach RERA offline in the registered office in their states with relevant sets of documents as well. 

The RERA Registration can be done in the following states online.