Helps RERA Indian Real Estate
Real Estate Regulatory Authority (RERA) in India
Real Estate Regulatory Authority (RERA) is a department or division of the government of the state or Union territory that regulates the real estate sector through an efficient and transparent sale of real estate projects such as apartments, buildings, land, lands, etc. It protects the buyer of real estate and it also provides a mechanism for resolving disputes between the buyer and developer and through formal judgments for resolving the dispute immediately and, if necessary, through the establishment of one or more banks of the court of appeal (higher jurisdiction of the state or Union territory) to resolve the disputes.
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Also Read: 10 Hidden Costs Where The Brochure Is Generally Silent
The Real Estate Act (Regulation and Development), 2016 (Government of India):
Real Estate (Regulation and Development) Act, 2016 (Department of Law and Justice) is a useful piece of legislation for the Indian real estate sector and the homebuyer in general. According to the law, developers must first register the real estate project (which comprises more than 500 square meters of building area or more than eight residential units including all phases) with the real estate authority (RERA).
Registration of the developer project under the Real Estate Supervisory Authority (RERA):
Developers must submit the following information for registration with the Real Estate Regulatory Authority (RERA):
- Details of the developer company such as registered address, type of company, etc.
- Details of the current project completed in the last five years, including current status, delayed completion, outstanding payments, etc.
- Details of approved plans, floor plans and project specifications as well as their approvals by the town planning authorities and / or equivalent competent authority.
- Details of the development of plans for infrastructure services, including fire fighting systems, emergency evacuation services, drinking water systems, use of renewable energy, etc.
- Certification of certification for the country and stating that it is free of any obstacles (encumbrances) and rights of intervention with degrees of longitude and latitude.
- Performa of the allotment letter and also the sales contract in the project signed by the developer and the buyer.
- Detail of the carpeted area of the apartments without the balcony, veranda or open terrace. Detail of the area of the garage, staircase, etc
- Information about real estate agents, structural engineers, architects or building contractors as well as their names and addresses.
- The builder has to deposit the 70% amount in a separate account, which he collects from the buyers to cover the construction costs and the land costs. You can only deduct the amounts after certification by an engineer or an architect and auditor in proportion to the degree of completion of the project.
Also Read: Check List Items When Buying A Home
Purpose of the Real Estate Regulatory Authority (RERA):
RERA will ensure timely filing and will review all legal / technical and commercial details regarding the property at the time of registration. The Real Estate Regulatory Authority (RERA) operates an online web-based system for submitting the developer's application for registration within one year from the date of its establishment. RERA ensure the protection of the money invested by the buyer. RERA ensures the transparency of the project and reduces fraud by fraudulent builders. RERA also ensures that disputes are resolved quickly.
RERA has raised a lot of hopes for homebuyers to invest in real estate projects as having transparency in projects will ultimately increase the developer or builder's profit margin and also protect the interests of home / land buyers.
Procedure for registering property
What Kind of Services You Should Expect from the Real Estate Agent or Broker?
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