every promoter shall get the eligible real estate project, registered with RERA authority before sale/promotion/advertisement/booking etc.
Every real estate agent needs to take prior registration with RERA authority of Maharashtra before dealing in any transactions relating to sale/purchase, advertising or brokerage of the property of a project registered under this Act.
Government of Maharashtra notified RERA rules and established Maharashtra Real Estate Regulatory Authority (Maha-RERA), vide Notification dated 8 March 2017, for regulation and promotion of real estate sector in the State of Maharashtra.
As per the information, The draft rules of the Haryana Real Estate Regulatory Authority (H-RERA) are set to come into effect from July 1. The town and country planning (TCP) department will soon submit a report on the draft rules to the government for them to be notified.
As per REDA, no promoter can sell/book/advertise or enter any agreement for sale any part of the project without prior registration with RERA authority.
The application for registration of such Real Estate Project shall be made in writing along with declaration, as prescribed in Rules, in triplicate.
Real Estate (Regulation and Development) Act, 2016 was first passed by Rajya Sabha on March 10, 2016 and passed by Lok Sabha on March 15, 2016. RERA Bill was first introduced in the year 2013.
The act is expected to revive confidence property buyers have on realty sector by making builders and property brokers more accountable for delivering projects on time.
Buyers will get a more transparent property search, sourcing and purchase experience with the legislation being followed in letter and spirit.