Last Updated on August 31, 2017 by Legalseva.net
RERA just like other soaps that have been introduced from time to time by our current government has still not taken off and is only in naïve stages. You can easily make this out from the fact that only four states had set up a full-fledged Real Estate Regulatory Authority (RERA). The rest of the states have either opted for interim regulator or assigning any department temporarily for discharging regulatory functions but the requirement is of independent authority taking solely matters of Real Estate. Many of states have relaxed requirements suited to their benefit which further makes RERA a distant reality.
RERA promises to regulate real estate sector and make buying-purchasing property transparent and easier. Let us see few salient features of the Act:
- Every real estate project exceeding 500 square metre is required to be registered with RERA before it is advertised, booked, or sold to the public.
- Promoter is required to submit detailed documentation of their previous projects as well as the one under registration, and set up a public website with information regarding the project, updated on quarterly basis.
- The promoter is then required to enter into a written and registered agreement for sale before collecting any deposit greater than 10% of the project cost.
- The promoter should also clearly specify the date of possession which will help consumers make a well informed decision before the purchase. Consumers can have regular access to information on the website regarding the project and can held promoter accountable in case of any delay or deficiency.
The implementation of RERA is not going to be a walk in the park for promoters but to adhere to mandatory timelines and compliances demands discipline and commitment on their part which is to be seen in the near future.
For more news on RERA, stay tuned. It will be delivered shortly, right here!
