RERA MATTERS

Real Estate (Regulation & Development) Act, 2016 has been enacted to regulate the real estate industry. It seeks to bring transparency and accountability that protects the interest of home buyers and regains the faith in the real estate industry.
 

• 30 States/UTs have notified rules under RERA; 4 North Eastern States (Arunachal Pradesh, Meghalaya, Nagaland, and Sikkim) are under process to notify the rules under RERA  
• 29 States/UTs have set up the Real Estate Regulatory Authority (Regular - 20, Interim - 09)
• 22 States/UTs have set up Real Estate Appellate Tribunal (Regular -13, Interim – 09).  
• Regulatory Authorities of 24 States/UTs have operationalized their websites under the provisions of RERA.  
• 42,488 Real Estate Projects and 33,702 Real Estate Agents have registered under RERA across the country. 

• Security: As per RERA a minimum of 70% of the buyers’ and investors’ money will be kept in a different account. This money will then be allotted to the builders only for construction and land related costs. Developers and builders cannot ask for more than 10% of the property’s cost as an advance payment before the sale agreement is signed.
• Transparency: Builders shall submit the original documents for all projects and are not supposed to make any changes to the plans without the consent of the buyer.

• Fairness: Developers shall sell properties based on carpet area and not super built up area. Buyers are entitled to get back the entire money invested if the project is delayed or they can invest and receive monthly investment on their money.
• Quality: The builder shall rectify any issue faced by the buyer within 5 years of purchase. This issue must be rectified within 30 days from the day of  complaint.
• Authorisation: A regulator cannot advertise, sell, build, invest, or book a plot without registering with the regulator. Post registration, all the advertisements for investments should bear a unique project wise registration number provided by RERA.