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RERA FAQ's

 
 

The Real Estate (Regulation and Development) Act, 2016 (the Act, from hereon) is an initiative by Indian Government to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making real estate developers liable for timely completion of projects.

These are the five major objectives of RERA, 2016.

  • To establish the Real Estate Regulatory Authority (RERA)
  • To promote transparency and efficiency in the sale of real estate projects
  • To protect the interest of consumers in the real estate sector
  • To establish an adjudging mechanism for speedy dispute settlement
  • To set up an Appellate Tribunal to hear appeals from the decisions, directions or orders of the RERA

Yes, this act is applicable to all Indian states excluding Jammu & Kashmir.

Initially, the bill was supposed to cover only residential projects. On further amendments, commercial projects including shops, offices and buildings were also included.

Yes, A Central Advisory council will be set up to advice the Central Government on the implications of the Act to recommend policies in order to protect consumers’ interest and to supervise the growth & development of the real estate sector. In addition, there will be a dedicated Appellate Tribunal set up for RERAs to hear appeals from orders of the RERAs and the adjudicating officer.

  • As per the RERA rules, the consumer is entitled to receive information about the sanctioned plan, approved layout plan, stage wise progress of the project, carpet area and facilitation of basic amenities & services such as drinking water, electricity, sanitation etc.
  • The consumers can claim possession of the unit and the association of consumers can collectively claim possession of the common areas as declared by the real estate developer
  • In case the real estate developer fails to meet the timeline or does not deliver what was promised then the consumer has the right to claim refund of amount paid with prescribed interest and compensation for the same

  • It is mandatory for the consumers to make payments on time to the real estate developer as per the agreement. He/she is also liable to pay the share of registration charges, municipal taxes, maintenance charges, ground rent, electricity charges, water supply charges etc.
  • Once the real estate developer issues the occupancy certificate, the consumer is required to take possession within two months
  • The consumer is liable to pay prescribed interest if he/she fails to make timely payments for his purchase
  • It is mandatory for a consumer to actively participate in the formation of an association, a consumer federal or any cooperative society
  • A consumer must participate towards the registration of the conveyance deed of the unit