The RERA Act under its ambit provides for the execution in the form of issuance of RC or better known as Recovery Certificate u/s 40 of RERA Act.
Hundreds of buyers in Karnataka have been left in the lurch after paying for their dream homes but are yet to receive possession of their flats.
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.
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.