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.
An application to the Authority for registration of the real estate project shall be made in writing along with declaration, as prescribed in Rules, in triplicate.
As you would be aware that The Real Estate (Regulations & Development) Act, 2016 (REDA) has commenced from 1st May 2017.
Real Estate projects that are ongoing and have not received a completion certificate, on the date of commencement of the Act, the promoter shall, within a period of 3 months from the date of commencement.
The real estate agent shall pay a registration fee at the time of application for registration by way of a demand draft or a banker’s cheque drawn on any scheduled bank or through online payment.
There is a large chunk of unsold inventory across the locations and available with almost all the builders. They would in all likelihood be trying to offload them and even offer a reduced rate along with other freebies. Buyers showing renewed interest in this market have to be cautious as the chances of falling into a trap could be high.
As per rule 8 of said rules, every real estate agent required to register as per Act shall make an application in writing to the Authority in Form ‘G’, in triplicate, until the application procedure is made web based.
The Real Estate (Regulations and Development) Act, 2016 has prescribed for every State/UT to prepare details rules regarding registration and implementation of RERA.