{"id":731,"date":"2021-12-02T18:00:10","date_gmt":"2021-12-02T12:30:10","guid":{"rendered":"https:\/\/www.leadindia.law\/blog\/en\/?p=731"},"modified":"2023-03-09T18:16:19","modified_gmt":"2023-03-09T12:46:19","slug":"real-state-act-2016","status":"publish","type":"post","link":"https:\/\/www.leadindia.law\/blog\/en\/real-state-act-2016\/","title":{"rendered":"Rules governing Real Estate Sector"},"content":{"rendered":"\n

Important Points Of The Real Estate Development & Regulation Act <\/h3>\n\n\n\n

In this post, you will understand the important points of the Real Estate Development & Regulation Act, 2016. The main aim of the act was to ensure the safety & security of those who want to buy houses & encourage investments in the Real Estate industry. This law helped to minimize the conflicts among the home buyer & builders. <\/p>\n\n\n\n

    \n
  1. Formation Of A  Real-Estate Regulatory Authority (RERA)<\/strong> – A regulatory authority has been set up in every state according to this act. The regulatory authority regulates & manages the real-estate sector. It deals with the registration of real-estate projects, functions, duties of real estate agents.<\/li>\n\n\n\n
  2. Registration Of Project<\/strong> – As per this act, every promoter must have to register their project under the Real Estate<\/a> Regulatory Authority. Only after the registration, they will be able to sell apartments or plots.<\/li>\n<\/ol>\n\n\n\n

    Note – <\/strong>It is not mandatory to register those projects in which the area of land is lesser than 500 square meters & the number of apartments is less than 8.<\/p>\n\n\n\n

    \n

    Need A Legal Advice<\/strong><\/h3>\n\n\n\n

    The internet is not a lawyer and neither are you. Talk to a real lawyer about your legal issue<\/p>\n\n\n\n

    \n
    Talk to a Lawyer<\/a><\/div>\n<\/div>\n<\/div>
    \"\"<\/a><\/figure><\/div>\n\n\n\n
    <\/div>\n\n\n\n
      \n
    1. Dispute Between Buyer & Builder<\/strong> – Sometimes dispute arises among the buyer & builder. It is the responsibility of the Real Estate Development Authority (RERA) to solve any kind of dispute between the buyer & builder in 120 days. <\/li>\n\n\n\n
    2. Rules For Carpet Area<\/strong> – The carpet area is the area of the apartment excluding the area of walls. We can say that, the area of the apartment on which someone can spread the carpet. <\/li>\n\n\n\n
    3. Clear Clauses<\/strong> – A significant advantage for customers involved in the Act is that developers will have to request estimates based on the carpeting area and not the super built-up area. The matting area has been explicitly specified in the Act to incorporate available reservations like the kitchen and toilets.<\/li>\n\n\n\n
    4. Procurement for damages for non-fulfillment<\/strong> – Preparing for a jail term of three years with or without penalty, for a developer who violates the order of the Appellate Tribunal of RERA. But, even the customer courts are taking strict action against the builders, where interest rates between 10.9% to 18% are claimed against the builder for his delay and other deficiencies.<\/li>\n\n\n\n
    5. Application For Registration – <\/strong>Whenever a promoter applies for the registration of their project, It completely depends on RERA to either accept or reject the application within 30 days.<\/li>\n\n\n\n
    6. Violation Of RERA<\/strong> – Whenever a promoter violates the terms & conditions of the Registration of a project, the regulatory authority has the power to terminate the registration anytime. <\/li>\n<\/ol>\n\n\n\n

      I hope you have understood the important points that are mentioned in the act.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Important Points Of The Real Estate Development & Regulation Act  In this post, you will understand the important points of the Real Estate Development & Regulation Act, 2016. The main aim of the act was to ensure the safety & security of those who want to buy houses & encourage investments in the Real Estate …<\/p>\n

      Rules governing Real Estate Sector<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[220,215,221,219,217,216],"class_list":["post-731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-legal-issues","tag-real-estate-act","tag-real-estate-act-2016","tag-real-estate-law","tag-rera","tag-rera-2016","tag-rera-act-2016"],"yoast_head":"\nImportant Points Of The Real State Act, 2016<\/title>\n<meta name=\"description\" content=\"A regulatory authority has been set up in every state. 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