RERA stands for the Real Estate (Regulation and Development) Act, which is an important piece of legislation enacted in India to regulate the real estate sector and protect the interests of homebuyers. The act came into force on May 1, 2017. RERA aims to bring transparency, accountability, and efficiency to the real estate market, addressing various issues that homebuyers commonly faced before its implementation.

RERA, or the Real Estate Regulatory Authority, is a mandatory registration process for all real estate developers and agents, ensuring transparency and accountability in the industry.At Gauransh Law Firm, we make the RERA registration process hassle-free, Trust us to guide you through the process and provide peace of mind.

Key features and provisions of RERA include:

  1. Registration of Projects and Agents: Developers are required to register their real estate projects with the regulatory authority before advertising or selling. Real estate agents must also register with the authority.

  2. Project Delays: RERA establishes accountability for project delays. Developers are required to provide accurate project delivery timelines, and if there are any delays, they must compensate homebuy

ers. This ensures that developers adhere to promised timelines and helps protect buyers from prolonged delays.

  1. Advance Payments: RERA restricts developers from demanding more than 10% of the property’s cost as an advance or booking amount before signing a sale agreement. This prevents unfair financial burdens on homebuyers.

  2. Project Details and Transparency: Developers must provide detailed information about the project, including layout plans, approvals, and completion schedules, on the RERA website. This transparency helps buyers make informed decisions.

  3. Defects Liability: Developers are liable for structural defects and poor workmanship for a specified period after possession. This provision protects buyers from potential construction-related issues.

  4. Formation of Resident Welfare Associations (RWAs): RERA mandates the formation of RWAs within a specified time frame to ensure the smooth transition of maintenance responsibilities from the developer to the homeowners.

  5. Complaint Redressal: RERA establishes a fast-track dispute resolution mechanism for addressing grievances and disputes between developers and homebuyers.

  6. Quality of Construction: The act emphasizes the use of high-quality construction materials and standards to ensure the durability and safety of the structures.

Boost real estate business Obtain RERA Registration for compliance, trust.

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Gauransh Law Firm RERA Services include –

  • Physical & Financial Evaluation of the project
  • Preparation of Action plan to complete the project
  • Manage Bid process to on-board another developer
  • Monitor the construction process & quality
  • Preliminary diagnostic check for RERA readiness
  • RERA project registration
  • RERA Compliance Management
  • Dispute Handling
  • Liaison with Authorities/Tribunals/Allottees
  • Agent registration with RERA
  • RERA Training for Team and Dealers

Frequently Asked Questions

Related to the Real Estate (Regulation and Development) Act (RERA):

RERA stands for the Real Estate (Regulation and Development) Act. It came into effect in India on May 1, 2017, with the aim of regulating the real estate sector, protecting homebuyers, and promoting transparency and accountability in real estate transactions.

RERA applies to both residential and commercial real estate projects. It is applicable to developers, real estate agents, and homebuyers involved in property transactions.

The primary purpose of RERA is to protect the interests of homebuyers by promoting transparency, accountability, and efficiency in the real estate sector. It establishes a regulatory framework for the timely completion of projects and ensures fair practices.

Builders are required to provide detailed information about their projects, including project plans, approvals, timeline for completion, and details of the developer, among other things. This information is made available to the public through the RERA website.

RERA mandates that developers must register their projects and provide accurate project completion timelines. If a developer fails to deliver the project on time, they may be liable for compensation to homebuyers.

No, it is illegal to advertise or sell a real estate project without obtaining RERA registration. All ongoing and upcoming projects must be registered with the respective state’s RERA authority.

RERA ensures the quality of construction by holding developers accountable for structural defects and poor workmanship for a specific period after possession. Developers are obligated to rectify any such issues during this period.

Yes, there are penalties for non-compliance with RERA regulations. These may include monetary fines, imprisonment, or revocation of the project’s registration.

RERA is applicable to both ongoing and new real estate projects. Developers of ongoing projects were required to register with RERA within a specified timeframe after the act came into effect.

Homebuyers can file a complaint with the respective state’s RERA authority. The complaint should be in the prescribed format and include details of the grievance. RERA provides a fast-track dispute resolution mechanism for dispute resolution.

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