RERA is the term for the Real Estate Regulatory Authority by the government. The government in the year 2016 introduced it. The Real Estate (Regulation & Development) Act, 2016, aiming to establish transparency in the process of buying and selling flats in new construction and thereby regulate and promote discipline in the real estate sector. The basic aim of the Act is to protect the interest or buyers and promote timely delivery of properties or projects.
The Real Estate (Regulation and Development) Act 2016, popularly known as RERA, was enacted to safeguard the interest of Home buyers in the country and have regulatory frame work for Real Estate Development.
Under Section 18, which read as under:-
If there is delay in possession there are 2 options given by the Act:-
Where any person makes an advance or a deposit on the basis of the Information contained in the notice advertisement or prospectus or on the basis of any model apartment, plot or building, as the case may be, and sustains any loss or damage by reason of any in correct, false statement included therein, he shall be compensated by the promoter in the manner as provided under the Act.
Provided that if the person affected by such incorrect, false statement contained in the notice, advertisement or prospectus or the model apartment, plot or building as the case may be, intends to withdraw from the proposed project, he shall be returned his entire investment along with interest at such rate as may be prescribed and the compensation in the manner provided under this Act.
All the projects either on land with more than 500 sqm or having the minimum of eight apartments, including the ones without completion or occupancy certificate needs to register for RERA. Developers need to present details like layout plan, project plan, approvals, land title status, details of promoters, contractors, architects, date of completion with the State RERA. Buyers can access the information from the RERA websites. The carpet area is clearly defined in the law, The Developers need to put aside 70% of project funds in an Escrow account linked with the project. Builders will be penalized if there is any delay in project deliveries.
The RERA acts make it compulsory for all commercial and residential real estate projects where the land is over 500 square meters or eight apartments to register with the regulator before launching the project. Every promoter will make an application to the authority for registration of real estate project. Even the ongoing Projects that are in development on the date of commencement of this act and for which completion certificate has not been received needs to get registered with RERA. If any real estate project failing to register a property will attract penalty.
Advocate Aniket Nerurkar and his team provide the complete solution for RERA registration and compliance, that is Project Planning, Project Registration, Documentation, Online Management with regular updates. Advocate Aniket Nerurkar is the best RERA Consultant in Mumbai Advocate Aniket Nerurkar are very well-known Lawyer for RERA CASES on Property, so if you are looking for Lawyer for RERA CASES on Property call Advocate Aniket Nerurkar the best RERA Consultant in Mumbai. The benefits of RERA registration areas below to both buyers and builders Accountability, Transparency, Trust, Standardization, Professionalism, Boost in Investments, Timely Delivery of the projects etc. The RERA act has got the stability in the process.
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