On May 1, 2017, the Real Estate (Regulation and Development) Act, 2016 (RERA) went into effect all over the country. The goal of the Act is to make real estate transactions clear and to make the unregulated sector a more reliable way to invest. It also wants to make people more responsible, cut down on fraud, and keep the huge costs of transactions under control. The Central government made the RERA rules for the six Union Territories (UTs), and the States just copied them with a few changes.
Features of RERA
RERA aims to protect the interests of homebuyers and make the real estate market more open. All States, except for a few, have replicated the rules under Central RERA, with some small differences here and there. Before buying a home, it’s important for a buyer to know what the Act says about the most important things. READ MORE…
Non-Compliance Penalties
RERA has strict penalties for people who don’t pay their bills or don’t follow the rules. Not following the rules is a serious crime that could lead to prison time and a heavy fine. Different states have different penalties. READ MORE…
Grievance Redressal
In accordance with RERA, each state is required to establish an Appellate Tribunal, which is tasked with investigating disputes that have arisen between various parties and coming up with equitable and prompt resolutions. READ MORE…
Using the RERA to File a Complaint
Some of the problems a builder might have with a homebuyer are delays in completing the project, changes in the plans that were not expected, extra costs that were not planned for, and not having all of the promised amenities. With the Real Estate (Development and Regulation) Act (RERA) in place, these unhappy homebuyers now have the power to take builders to task when they do something wrong. READ MORE…
Using the RERA Website to Gather Project Information
All developers, promoters, and agents who are registered under the Real Estate (Regulation and Development) Act, 2016 (RERA) are required to submit the original, approved plans of their ongoing projects to the relevant State regulatory authority, along with information about any changes that were made after the plans were initially approved. READ MORE…
