RERA, (Real Estate (Regulation & Development) Act, 2016 is first set of the organised legal system to streamline the real estate industry. RERA Laws seek to bring transparency and accountability that would protect the interest of home buyers and regain the lost faith in real estate industry.
The Act of RERA (The Real Estate (Regulation and Development) Act, 2016 was passed in March, 2016 and made effective from 1st May, 2016. Few of the section of said act was notified to be effective from 01/05/2016. The whole act was commenced from 01/05/2017.
The said Act has mandated for every State/UT to
– Make RERA rules for the particular State within 6 months of the effective date – The RERA Rules shall prescribe for RERA registration, RERA registration process, RERA registration fees, RERA compliances for developers, RERA compliances for agents and RERA grievance redressal process to implement the RERA Act.
– Notify RERA authority for particular State within 1 year of effective date – RERA authority act as RERA registration authority. It shall also be first appellate authority for RERA grievance redressal
– Constitute RERA tribunal as appellate authority for respective State within 1 year of the effective date – RERA Tribunal shall be appellate authority for RERA grievances.
The prominent object of the RERA is to bring transparency and generate faith & confidence of real estate buyers. 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
RERA Remittance and Withdrawal
Other Related Matters
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