Due to rising no. of complaints by the real estate stake holders and the lack of the proper regulatory system, the Real Estate (Regulation and Development) Act, 2016 which is the first regulation in Real Estate sector, was passed in March 2016 and made effective from 1st May 2016. The said Act has prescribed for every State/UT to make rules in this regard. However, few of the States/UT has made the rules.
The said Act has prescribed for every State/UT Government to establish Real Estate Regulatory Authority within 1 year from its effective i.e. till 30th April 2017. RERA shall be the governing body in every State/UT with the sole purpose of safeguard the interest of the buyers as well as regulate the real estate industry. Few of the State Government has prescribed RERA Rules. RERA has prescribed guidelines and compliance for everyone related to real estate sector.
The objective of RERA – The prominent object of the RERA is to generate faith and confidence of the stake holders whether promoters or buyer in Real Estate Sector. Some of the objectives of RERA are –
- To establishing a Real Estate Regulatory Authority (RERA) for the sole purpose of regulation in real estate.
- To provide transparency and grievance system in Real Estate Sector
- To protect of right of buyers
- To establish the authenticity of promoters, real estate project and real estate agents
- To curb on unnecessary delay in approval of project, delivery of project etc
- To Set up appellate System for grievance redressal system
- To bring confidence in real estate sector
- To prescribe the penalties for defaulters
RERA consulting is our expertise area of Centrik led by professionals who have versatile experience in real estate sector. Here we provide complete end to end RERA consulting. Our Services include-
- Applicability of RERA and its importance
- Registration of real estate projects under RERA
- RERA registration for Real Estate Agent
- Promoter registration
- RERA compliance
- RERA remittance and withdrawal
- RERA grievance
- Other related matters
For more details, mail us at email@example.com