RERA stands for Real Estate Regulatory Authority
RERA is an act for regulation and promotion of the real estate sector to ensure the sale of apartment, plot or building in an efficient and transparent manner. The Act aims to protect the interest of consumers. It was enacted by the Parliament in May 2016 and the Act has come into force with all its 92 sections from 1st May, 2017 across India. So far, 14 states and union territories such as Uttar Pradesh, Gujarat, Bihar, Madhya Pradesh, Odisha, Andhra Pradesh and Maharashtra have notified their rules with RERA and the others are expected to follow suit.
The implementation of RERA is expected to bring relief to the homebuyers as builders will be accountable for the timely delivery of the projects and to protect buyers from fraud sellers. The developers would also gain from the increased confidence of the consumers in a regulated environment.
It is mandatory for the developers to get RERA registration & all approvals from various government agencies before launching a project and disclose all the information on the website that the respective state RERA regulatory authority will set up.
Real estate agents will be provided a rera registration number by the regulator which they have to mention in every property sale. This will help in eliminating the possibility of misleading the purchaser. The authority has wide ranging powers to impose penalties and imprisonment of agents in case of violation of law.
Benefits of RERA Registration
Key Provisions of RERA
Registration of projects under RERA
All commercial and residential real estate projects will have to register except in projects where:
Documents required for registration under RERA
Following documents should be enclosed in hardcopy with the application:
How we can help you with RERA registration?
Enterslice is a leading platform which provides all type of legal compliance services in all over India and in more than 22 countries. You just have to go through the link below mentioned steps in order to get your RERA registration in India: https://enterslice.com/rera-registration