About RERA Act
RERA Act stands for “ Real Estate Regulatory Authority ” is an act of Real Estate (Regulation and Development) Act, 2016. In 2013 it was introduced by National Congress Government of India. Know What is RERA Act,
What is RERA Act?
What is RERA Act: In order to protect the purchasers of home and boosting the real estate investments, this Real Estate Regulatory Authority bill was passed by Parliament of India by Rajya Sabha (The Upper House) in the year 10th Mar of 2016. The act has become effective from 01st May of 2016 and out of 92 sections, 52 sections are notified during this period. The remaining other sections are effective from 01st May of 2017.
Real Estate Regulatory Act Rules
The following are the rules of Real Estate Regulatory Act:
- The rules of the Real Estate Regulatory Act had released through Housing and Urban Poverty Alleviation (HUPA) Ministry in the year 31st Oct of 2016.
- All these rules are also applicable to the Union Territories of India.
How does the Real Estate Act benefit for the Home Buyers?
The following are the benefits for the home buyers under the Real Estate Act, 2016.
- The builders will not allow charging for the area after the walls
- In order to build someone else house, the builder will not allow using your money
- The builders will not allow for delaying the projects
- The Grievances will redress fastly
- If the defects found in the house then the builders responsible for that
Real Estate (Regulation and Development) Act Implemented States
After knowing What is RERA Act the following are the states of India are implemented Real Estate (Regulation and Development) Act:
|State RERA||Date of Implementation|
|HP RERA||28 September 2017|
|Goa RERA||4 August 2017|
|Haryana RERA||28 July 2017|
|CG RERA||26 April 2017|
|Punjab RERA||8 June 2017|
|Karnataka RERA||10 July 2017|
|TN RERA||22 June 2017|
|Uttarakhand RERA||28 April 2017|
|Jharkhand RERA||18 May 2017|
|Raj RERA||1 May 2017|
|Bihar RERA||1 May 2017|
|Odisha RERA||25 February 2017|
|AP RERA||28 March 2017|
|Maha RERA||19 April 2017|
|Delhi RERA||24 November 2016|
|MP RERA||22 October 2016|
|Daman & Diu RERA||31 October 2016|
|Lakshadweep RERA||31 October 2016|
|Andaman & Nicobar Islands RERA||31 October 2016|
|Dadra & Nagar Haveli RERA||31 October 2016|
|Chandigarh RERA||31 October 2016|
|UP RERA||11 October 2016|
|Gujarat RERA||20 October 2016|
The Remaining States are in Progress to Implement RERA
The following are the remaining state which is in progress to implement the Real Estate (Regulation and Development) Act:
Register the Real Estate Projects under RERA
You can register your real estate projects under the Real Estate Regulatory Authority by following the simple steps given below:
- The following valid document copies of approvals, sanctioned plan, commencement certificate, layout plan and many more must submit during the registration process
- The brand new and existing projects should register under RERA before launch
- The Agents and also brokers must register under Real Estate Regulatory Authority
- The resolution of dispute should take place within 06 months of period time at RERA and Real Estate Regulatory Authority Appellate Tribunals
- The different phases of one project should register differently
- With RERA the developer’s should share all projects details in the last 05 years which had built by them. Also, they should answer for the projects which delayed
- On the Real Estate Regulatory Authority portal, the update should maintain regularly
- If he or she has no fault in building the project then they can be given the max of a one-year extension in order to complete
- For the project, a certified CA should carry out the audits of annually
- The land property must be insurance
- The Real Estate Regulatory Authority projects should complete on time.