Direct Tax Services
Select Your Location
RERA has defined the complete functioning of promoters, allottees, and real estate agents. In this article, we will discuss the right and duties for these real-estate players.
Table of Contents
RERA stands for Real Estate Regulatory Authority and was brought in to bring transparency in the real estate sector. It has made it mandatory for all builders or developers to do RERA registration before they commence a project.
Promoters are required to promote the real estate project that was developed or constructed by the developer. Promoter has been defined under relevant sections of RERA Act.
Under the RERA Act, there is compulsory registration of Promoters and every project must be registered with the RERA. In order to protect the interest of allottees, the Act has imposed various obligations and restrictions on the Promoter to ensure fairness and transparency in their dealing with allottees.
Following are the functions and duties of the Promoter:
Allotees are defined as a person to whom a plot, apartment or building has been allotted, sold or otherwise transferred by promoters. It doesn’t include a person to whom the plot or apartment is given on rent.
Following are the functions and duties of the Allottees:
Following are the functions and duties of the Real Estate Agents under RERA:
It may be noted that Unfair Trade Practice here means a practice of making any written/visible/oral statement that falsely represents that services are of particular grade or standard or if it represents that the promoter has approval or affiliation which he doesn’t have or if he makes false or misleading representation.
These real estate players have a task cut out to play the role and perform their functions and duties as stated under RERA. Non-compliance from promoter, allottees or agents under RERA may result in penalties. In case you have any query related to the same, contact Enterslice.
Read our article:
Statutory Provisions of RERA: Registration Process, Documents, Offences, etc.
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
Many investors use fixed deposits as their primary investment vehicle. Investors with a high-ri...
The main idea of CDS, which was initially to give banks a way to transfer credit exposure, has...
Black money has been the subject of heated political debate in India for a long time. Successiv...
The Apex Court pronounced a judgement in the case titled Tata Motors Vs The Brihan Mumbai Elect...
Since economies are moving towards digitalisation and making it feasible to conduct transaction...
The Alternative Investment Funds (AIFs) Pro-rata and Pari-Passu Rights Proposal Consultation Pa...
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Are you human?: 3 + 6 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
RERA Act covers the rights of the property buyers and embodies duty on the builders. Before RERA act the property m...
19 Jan, 2019
Before the introduction of RERA Act, 2016, the developers amend the original layout and sanction plans as per their...
06 Mar, 2021
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!