The Real Estate sector has grown in the recent years but has largely been unregulated from the perspective of consumer protection. Though, consumer protection laws are available, the recourse available therein are only curative, but not preventive. This has affected the overall potential growth of the sector due to absence of professionalism and standardization. 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.
Features of RERA
Advantages of RERA for Developers/Builders
Advantages of RERA for Home Buyers
What are the Documents required for RERA Project Registration?
Under RERA Act, It is mandatory that all real estate agents to get TN RERA Registration. It prohibits any real estate agent to facilitate any real estate business such as the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot or apartment or building in a real estate project or part of it, without obtaining registration under this section.
If any real estate agent fails to register with the authority, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings of the real estate project, for which the sale or purchase has been facilitated.
What are the documents needed for RERA Agent Registration ?
WHATS INCLUDED IN THIS PACKAGE ?
What is the process for RERA Registration?
Send Documents list required for registration which will be informed by our support team
Verifying the required documents sent by the client
Application filing as per given details
Application will be sent to Authorities for Registration
Once the verification is done authorities will issue Certificate.
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.
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.
In order to escalate the responsibility and accountability of real estate developers towards consumers, the RERA has made the following compulsory for them:
Following actions will be taken by the RERA after an application has been submitted for project registration:
The real estate developer has to specify the project completion time in the RERA application form. Hence, the real estate developer is accountable to follow the timelines otherwise, he will suffer losses/ penalties
The real estate developer who will violate the order of the appellate Tribunal of the RERA may face imprisonment up to three years with a fine of up to 10% of the total estimated cost of the project in question.
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