04 May 2017
The Real Estate Regulation Act 2016 is effective from 1st May 2017, However the act was passed in 2016 by parliaments. Rera seeks to bring clarity and confidence in real estate sector.
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What is RERA?
The REAL Estate Regulatory Act seeks to bring clarity and fair practices in real estate sector that would protect the interest of buyers and also impose penalaties on errant developers. RERA improve the perception of the real estate sector among various stockholders.
The act provides uniform regulatory enviroment for all types of real estate projects i.e commercial and residential projects icluding plotted developement, land underdevelopement more than 500 square metres / Number of units exceed 8t , Projects which do not have complition certificate before commencement of act.
Benefits of RERA:
For Real estate Industry:
Transparancy, Robust project delivery, enhance confidence and attract higher investments.
Increase efficiency, corporate branding, common and best practise.
Timely delivery of projects, Siggnificant buyer protection, balanced agreement and treetment.