RERA(real estate regulatory authority) is an act of 2016 which is made to protect the interest of home buyers and also to regulate the correct delivery of the project. this is to bring the transparency in real estate sector which was having many ambiguities earlier. It was complained that real estate sector had many lopsided transactions which favoured builders or developers, so to remove all the complications between buyers and seller this act has been made.
although RERA is a central act but the authority to implement is totally on state govt as it is a state subject. this act is mandatory for each state and union territory to make their own regulator and frame the rules which are helpful for the functioning of regulator body.
Functions of RERA
The primary function of RERA is to protect the interest of home buyers and create a robust redressal system for any discrepancies in the project. To prevent the time lag an authority has been mandated to make an application within a time frame of 60 days.
Rules and effects of the act
1 Sharing information project plan, layout, government approvals, land title status, sub-contractors.
2 asserts on timely completion of projects and delivery to buyers.
3 cannot show any advertisements without registration on RERA
4 Formation of resident welfare association within three months after a majority of units have been sold.
5 Quality of construction increases due to defect liability period given to contractors.
What happens earlier was the fund collected for any real estate project was deployed in some other projects. to protect this diversion, the promoters are now required to invest 70 percent ot the project receivables in a separate reserve account. that fund will be used in land and construction purposes only
RERA News
Which projects come under RERA
1 Commercial and residential projects including plotted development.
2 Those projects whose size is more than 800sq ft or 8 units
3 Projects without the completion certificate (CC) or occupancy certificate (OC) are also required to comply with the registration requirements under the Act
Apart from RERA'S outcomes and implication it was comes under the knowledge that with the advent of it,competition will be decreased as small developers who offer some price relief packages might cease to exist which is not a good news for us.
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