WHAT IS RERA ACT AND BENEFITS

RERA (REAL ESTATE REGULATION AND DEVELOPMENT ACT)

• THE ACT MAKES IT MANDATORY FOR ALL RESIDENTIAL AND COMMERCIAL PROJECT WHERE LAND IS OVER 500SQMTS OR 8 APARTMENTS TO REGISTER WITH RERA FOR LUNCHING A PROJECT AND TO PROVIDE GOOD TRANSPARENCY.

• RERA WHICH SEEKS TO PROTECT THE INTEREST OF FLAT, PLOT BUYERS AND HELP BOOST INVESTMENT IN REAL ESTATE SECTOR.
• AND TO SETTLE DISPUTES AT FAST TIME.

• THE BILL WAS PASSED ON 10TH MARCH 2016 IN RAJYA SABHA AND 15TH MARCH 2016 IN LOKSABHA.
• THE ACT INTO FORCE ON 1ST MAY 2016
• THE CENTRE AND STATE ARE LIABLE TO NOTIFY THE RULES UNDER THE ACT
• THE BILL WAS INTRODUCED BY UPA 2 GOVERNMENT IN 2013.

UNDER THIS LAW STATES HAVE TO ESTABLISH A REGULATORY AUTHORITY (RERA) A BODY DEALING WITH REAL ESTATE SECTOR

WHAT THE LAW SAYS

• REGISTRATION OF NEW AND ONGOING PROJECTS- ALL BUILDERS AND DEVELOPERS HAVE REGISTER WITH THE RERA
• PROJECTS WHICH HAVE GOT COMPLETION CERTIFICATE THEY ARE NOT REQUIRED TO REGISTER, BUT IF THE PROJECT IS UNDER PROGRESS SHOULD BE COMPLETED BY JULY 2017 OR THEY HAVE TO GET REGISTERED.
• IF THE AREA IS LESS THAN 500SQMTS AND APARTMENT IS LESS THEN 8 THEY ARE REQUIRED TO REGISTER BUT IT DIFFERS FROM STATE TO STATE.
• ONCE THE APPROVAL IS GOT FROM THE AUTHORITY THE BUILDER OR DEVELOPER HAS TO GIVE COMPLETE DETAILS OF THE PROJECT IN THE REGULATORY AUTHORITY WEBSITE.
• THE APPROVED PROJECT IS VALID FOR A PERIOD OF TIME ONCE THE TIME IS OVER THEY HAVE TO GET REVOKED FROM THE AUTHORITY. 
• IF BUILDER FAILS TO HAND OVER THE PROJECT ON TIME OR IT IS SUSPENDED BY THE AUTHORITY YOU HAVE THE RIGHT TO WITHDRAW FROM THE PROJECT.
• IF YOU WITHDRAW FROM THE PROJECT YOU HAVE THE RIGHT TO BE COMPENSATED FOR THE FULL AMOUNT YOU HAVE PAID TILL THE DATE ALONG WITH INTEREST FOR EVERY MONTH OF DEALY.
• YOU DONT HAVE TO FILE A CASE OR COMPLAINT AGAINST THE BUILDER ONCE THE GIVEN TIME IS GONE THE BUILDER HAS TO COMPENSATE AS SOON AS YOU REQUEST.
• IF BUILDER IS NOT COMPENSATING YOU HAVE THE RIGHT TO FILE COMPLAINT WITH REGULATORY AUTHORITY.
• YOU CAN REPRESENT YOURSELF OR HIRE A CHARTERED ACCOUNT OR A LAWYER.
• IF YOU ARE NOT SATISFIED WITH THE DECISION OF THE OFFICER, YOU CAN FILE AN APPEAL BEFORE THE APPELLATE TRIBUNAL SET UP UNDER THIS LAW WITHIN 60 DAYS. EVERY STATE IS SUPPOSED TO HAVE ONE SUCH APPELLATE TRIBUNAL

HOW MUCH TIME IS REQUIRED TO DISPOSE OF THE COMPLAINT

• THE LAW STATES THE REGULATORY AUTHORITY SHOULD DISPOSE OF THE COMPLAINT WITH IN 60 DAYS.

CAN I APPROACH CIVIL COURT OR HIGH COURT IF REGULATORY AUTHORITY FAILS

• NO YOU HAVE TO APPROACH REGULATORY AUTHORITY IN YOUR STATE IF YOU DONT HAVE A REGULATORY AUTHORITY IN YOUR STATE THEN YOU CAN APPROACH THE CIVIL COURTS.

HOW MUCH TIME DOES RERA TAKE TO GRANT AN APPLICATION

• TO GRANT/REJECT AN APPLICATION WITHIN 30 DAYS OF SUBMISSION

PROTECTION FOR BUYERS

• 70% OF THE MONEY HAS TO DEPOSITED IN THE BANK THROUGH CHEQUE
• BENEFITS FOR CONSUMER INCLUDES BUILDER HAVE TO QUOTE PRICE ON CARPET AREA AND NOT ON SUPER BUILT UP AREA.

REAL ESTATE REGULATORY AND APPELLATE TRIBUNAL.

• STATE HAS TO ESTABLISH A REGULATORY AUTHORITY TO REGULATE TRANSACTIONS RELATED TO COMMERCIAL AND RESIDENTIAL PROJECTS AND ENSURE TIMELY COMPLITATION.
• APPELLATE TRIBUNAL HAS TO DISPOSE CASES WITHIN 60 DAYS.