RERA registration In INDIA

https://meralegal.com/rera-registration.php

The RERA act came into active force with 52 sections on 1st May 2019, and the remaining section also got notified on 1st May 2017. It is formally termed as the Real Estate (Regulations & Development) Act 2016. As of now, 28 states and UTs are working in compliance with the Act with the others to fall in line soon. In the states who comply with the Act, all the real estate builders,developers are required to get registered under the RERA act and present all information to the authority as per requirements.

Transcript

1. RERA REGISTRATION IN INDIA www.meralegal.com
2. 2 Standard Business Presentation RERA The real estate sector saw an unexpected growth in the apartments, buildings, and plots sales. To keep a check on the builders and to provide transparent and fair sales for the buyers, the Government of India launched the RERA or the Real Estate Regulatory Authority. With buyers facing problems on timely delivery of the property from the builders, the government on receiving many complaints constituted a 92 section Act in the parliament during the May session of 2016. Out of 92, 59 sections were hinted and were passed on 10th March by the upper house i.e., Rajya sabha followed by the Lok sabha /lower house on the 15th of March.
3. 3 Standard Business Presentation OBJECTIVES OF RERA REGISTRATIO N • More transparency and accountability towards consumers in order to protect their interests. • To resolve grievances by establishing the dispute resolution mechanism. • To reduce frauds by increased compliances. • To reduce delays through fair play. • To ensure smooth operations by bringing professionalism and standards in place. • To create awareness by promoting good governance practices. • To bring ease in transactions due to imposed responsibilities on the promoter as well as the buyer. • To set up the Appellate Tribunal to listen to appeals arising from the orders, decisions or directions of RERA.
4. 4 Standard Business Presentation APPLICABILI TY OF RERA REGISTRATIO N • Parties to the transaction – It applies to promoters and real estate agents which includes builder, developer, contractor, development body or any other public body who/which constructs/develops land/building/apartment for the purpose of sale. • Type of properties – It applies to commercial buildings, residential apartments, and plot developed for sale. • Area – The registration applies for real estate projects exceeding 500 sq. meters or having more than eight apartments.
5. 5 Standard Business Presentation BENEFITS OF RERA Timely Possession Of The Property 1 Increased Compliances Reduces The Fraud 2 Enhances Trustworthiness 3 Clearance Of Assured License 4 Complaints Handling 5 Proper Disclosure Of Projects And Activities Involved 6
6. 6 Standard Business Presentation DOCUMENTS REQUIRED FOR RERA • PAN card of the promoter. • Parking slots available in the real estate project. • Legal title deeds reflecting the title of the promoter of the land on which project is proposed. • Encumbrance Certificate relating to the land of the project. • Commencement Certificate of the project • The Sanction Plan, Layout Plan, location details of the project. • The plan of development works to be executed in the project. • Details of previous project experience of the promoter, if any.
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