Real Estate Regulatory Act (RERA) was introduced in the year 2016. It protects home buyers and helps development in the investment made in the real estate industry. The purpose of RERA is to provide relief to buyers from unfair practices of builders. To safeguard the welfare of home buyers and to make sure that they are not exploited by the builders, the government introduced RERA. It also acts as a dispute settlement body for dispute related to the real estate industry. Authorities are established at the state level. The governing bodies are responsible for-
What is the need for RERA Registration?RERA committee has been set up to promote uniformity and transparency in the real estate sector. It was founded to regulate the real estate industry. Real Estate Regulatory Authority in effect, every Builder or developer has to notify buyers, the development of construction, offer the keys to the property by the mentioned date and stand with every rule stated by RERA, to ensure accountability. What are the key benefits of RERA?Many optimistic changes have been brought in the real estate industry after the establishment of RERA-
What are the objectives of RERA Registration?The main objectives of the establishment of RERA are-
What is the applicability of RERA registration?The applicability of RERA registration is- What are the merits of registration of real estate projects under RERA?Advantages of getting projects registered under RERA are- What are documents compulsory for registration of RERA?Common documents for RERA registration in any state are as follows:
How can you register your projects under RERA?If you want to register a project under RERA Arunachal Pradesh, RERA Sikkim, RERA Haryana, RERA Kerala or any other state follow these steps-
Conclusion Before the establishment of the Real Estate Regulatory Authority, there was no such authority that was responsible for regulating or providing guidelines related to the real estate sector. On the other hand, with the origination of the Real Estate (Regulation and Development) Act, 2016, new rules were set up. RERA Registration is appropriate for promoters, builders or anyone involved in the purchasing or selling off residential properties
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June 2020
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