RERA and Legal
Indian Government has come up with the Real Estate (Regulation and Development) Act 2016, RERA to protect customer’s rights and bring transparency to Real Estate transactions. Everything of the areas of the Act came into the drive on May 1, 2017.
Official RERA website was launched in June, 2017 by Honorary CM Ms. Vasundhra Raje.
Decode RERA with Cache Chief Expert Panel:
Since RERA official website is launched and Projects are getting registered every day but still mystery remains with the end user and real estate experts to decode the utmost potential of Act and its effectiveness. Cache Chief Team will help you answer all of your queries including:
- Refund Issues
- Judgment of Right Project
- Complaint Issues
- Registration of Projects and Realtors
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What is RERA and Legal?
Real estate industry is ever flourishing, but is it easy to deal with property issues?
In past few years, real estate has prospered a lot, however, with this growing popularity it is becoming more and more difficult to deal with its unethical practices. These immoral activities often put innocent homebuyers in a crucial position and to protect citizen’s interest Indian government launched RERA act in 2016.
RERA is Real Estate (Regulation and Development) Act that came into force from 1st May 2017. It is an act by Parliament of India with an intention to save home-buyers and promote the real-estate industry. Though it is a central law, various state governments will decide its actual implementation. Some of its salient features are:
- Under RERA, every state government will setup appellate tribunals for resolving builder and buyer disputes in 120 days.
- 70% of the money received by a developer from a buyer should be kept in a separate account for fulfilling construction costs.
- It will be made mandatory for residential and commercial realty projects containing eight apartments or 500 sq. mt. land space to register with RERA before project launch.
- RERA will ensure timely completion of construction by imposing strict regulations and guidelines.
- Earlier the repair liability of structural defects was 2 years, but now it has been increased to 5 years.
- It is a common practice by developers to charge extra for the super built-up area, with this act, the buyer is liable to pay only for carpet area.
- RERA makes it necessary for developers to get the project registered and get clearance before selling.
- RERA saves buyer’s interest by ensuring that developers publish on their websites information regarding project prospectus, profile and track of promoters, litigation details, apartment details, garages and plots, registered consultants and agents, promoter’s financial details, development plan, approval status, etc.