The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which will protect buyers, sellers, developers and investors in the real estate industry. The Act establishes Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute redressal.
We are in this Real estate fields since 20 years holding so many properties dealing with multiple corporate sectors. We successfully closed the property deals. We have CREDA approval as well as RERA T.S approval..We are here from our AZTAR UNION, we strictly follow the RERA rules to facilitate our customers to be benefited. We encourage our investors also to follow the rules of RERA.
The Act prohibits unaccounted money from being pumped into the sector and as of now 70 percent of the money has to be deposited in bank accounts through cheques is now compulsory. A major benefit for consumers included in the Act is that builders will have to quote prices based on carpet area not super.
RERA was established to enhance accountability and transparency with respect to housing transactions and real estate. Here are the salient features of this Act:
1. All real estate projects must be registered with RERA. Moreover, the authority will have jurisdiction over such projects. They can also refuse the registration of a particular project if guidelines have not been adhered to.
2. A project’s registration can be cancelled if RERA receives any complaints that are found to be true after an inquiry has been made.
3. A property cannot be sold if it is not registered with RERA.
4. All promoters need to upload details of the project to the RERA website. These details include the types of apartments or plots, registration information, list of approvals taken and those remaining, the layout plan, sanction plan, and the status of the project.
5. A promoter’s application will be approved or rejected within 30 days. If you do not receive any information regarding this, you can assume that your application has been approved. ….ETC.