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RERA stands for Real Estate Regulations Act and was introduced in 2016 to protect the interests of the home buyers. The main aim of RERA is to provide relief to the buyers from the malpractices of unfair builders and bring transparency in the real estate industry.RERA specifies certain norms for building and development of real estate which will enhance the transparency in transactions in the real estate sector.
Real estate sector plays an essential role in bridging the gap between the ideal and an actual position of India’s infrastructure. Despite that, it has always been unorganized with an absence of standardization and lack of sufficient consumer protection.
The prime objective of the Real Estate Regulatory Authority (RERA) is to promote and facilitate the growth of the real-estate sector in an organised way so that it can combat some common issues such as delay in construction, poor quality of construction and defective title of the land on which the project is constructed.
Transparency: Builders are supposed to submit the original documents for all projects they undertake. Builders are not supposed to make any changes to the plans without the consent of the buyer.
Quality: The builder must rectify any issue faced by the buyer within 5 years of purchase. This issue must be rectified within 30 days of the complaint.
Security: Under the RERA act, a minimum of 70% of the buyers’ and investors’ money will be kept in a separate account. This money will then be allotted to the builders only for construction and land related costs. Developers and builders cannot ask for more than 10% of the property’s cost as an advance payment before the sale agreement is signed.
Supreme authorization: The importance of RERA Registration in Real Estate can be considered from the fact that no real estate agent/builder can sell, build, advertise, book or invest a plot without RERA Registration. Once registered under RERA Act, the builders will get a unique project-specific Registration number for different projects.
Fair dealings: RERA commands the builders to sell the properties in correspondence to the carpet area rather than on super built-up area. If a project gets delayed, then either the buyers will receive an entire refund of the money invested or they may choose to get monthly investment on their money.
Simplified Procedures: RERA will make it mandatory for every state and union territory to have online registrations. With documentation processes made easy, consumers will benefit and save time.
Timely Possessions: The biggest worry customers face while investing in real estate properties in India is the fear of delayed possessions. RERA will ensure that they will not have to face any possession-related problems.
Trustworthy: A strong and authoritative implementation of RERA will build a strong trustworthy relationship between consumers and the developers, thereby encouraging more investments.
Grievance Redressal: With RERA coming into effect, consumers will have an official authority to address their grievances and complaints associated with their real estate investments. This will enable them to act promptly and take better decisions.
Usually, RERA approved means RERA registered. There are few guidelines that every builder has to follow to register its project with the authority. This includes approvals, land titles, insurance etc.
According to the RERA, carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
If the developer does not comply with the RERA order and fails to enforce the order passed by the regulatory authority in favor of the homebuyer, the homebuyer has the right to file an application for the execution of the order against the developer with the same RERA Authority.