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In the past, we have seen or heard reports regarding the inefficiency in the work process of the real estate developers. There were reports regarding constant failures on the part of the real estate developers to keep their promises, leading to long-drawn court cases and various other issues. Therefore, in order to regulate the real estate and to establish the Real Estate Regulatory Authority (RERA) for regulating and promoting the Real estate sector, the Real Estate Regulation Act, 2016, was enacted.
The main objective of this RERA Act is to safeguard the interest of consumers in real estate and to establish a redressing mechanism for a speedy resolution of the disputes. It led to the establishment of the Appellate Tribunal to hear appeals against the decisions or the orders of the Real Estate Regulatory Authority. In this article, we shall go through the various provisions of RERA, including its registration process, documents required, offences, etc.
RERA stands for Real Estate Regulatory Authority. The RERA Act was enacted with an aim to regulate and promote the real estate sector so that there could be transparency and efficiency in the conduct of the sale of an apartment, land, or a building. The RERA Act, through proper regulation, ensures protection to the interest and the rights of the consumers. The Act was enforced from 1st May 2017, across India after it was enacted by the Parliament in the year 2016.
With its implementation, RERA would bring a high sigh of relief for the homebuyers. The builders would be accountable for the promises that they make to the buyers. It would ensure that consumers are protected from fraud. Proper regulation would encourage consumers to invest without fear.
The documents which are required for registration along with the application form are listed below:
The process of registration under RERA entails the following details:
Also, Read: RERA Registration for Real Estate Agent.
RERA comprises of various provisions. The important features of the RERA are enumerated below.
With the initiation of the RERA Act, there have been numerous positive impacts. Some of them are specified below:
Section 31 of RERA allows a person to file a complaint against promoters, buyers, or agents. The procedure to file a complaint has been mentioned below:
The RERA Act prescribes various penalties and punishments for offences committed under it. These offences can be by promoters, buyers, or agents. The various offences and its penalties under RERA are as specified below:
The absence of regulatory authority in any sector can lead to various problems. The buyers experienced such problems in the past due to a lack of proper management and regulation of the Real estate sector. The main difficulties were delay in possession of the properties, poor quality projects, lack of accountability from the developers or the builders. However, after the initiation of the RERA in 2016, this sector has seen stability, transparency, and accountability that were never seen before. The regulatory authority has been empowered, and thereby the confidence and the trust of the consumers as well have increased in the real estate sector. Hopefully, the provisions of the RERA Act shall facilitate the development and growth of this sector.
See Our Recommendation: RERA Provisions for On-going Projects in India.
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