RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.
The main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector. An aggrieved homebuyer seeks right legal remedy after getting exploited by the builder.
A judgement passed by the HRERA, Gurugram Authority, wherein it has been clarified that mere filing of application for OC and CC does not exclude the project for registration under RERA.
According to the act, all the on-going projects in States should register with State RERA Authority till 31st of July 2017. But this clause has just become an immaterial requirement for registration under RERA.
Though the RERA deadline for registration ended on July 31, 2017, there are nearby 400 registrations that still hang out with Haryana State Authority.
Every real estate agent needs to take prior registration with RERA authority of Punjab before dealing in any transactions relating to sale/purchase, advertising or brokerage of the property of a project registered under this Act.
As per section 3 & 4 of ‘Real Estate (Regulation & Development) Act, 2016 read-with rule 4 of above Rules, for the real Estate projects that are ongoing and have not received completion certificate
As per section 9 of “Real Estate (Regulation & Development) Act, 2016 (REDA) read with Rule 11 of above mentioned Rules, Every real estate agent need to take prior registeration with RERA authority