Facts about Real Estate Regulatory Authority (RERA act)

RERA ACT

There’s a reason for me to write a post on this topic. My reason is many property buyers are being deceived by unauthorized property builders.

Do you know why it happens like this?

Because people are not aware of how to choose an authorized property developer to buy a property or to build a custom based home.

This point is precisely for you (home buyers). When it comes to buying a property first thing to do is check whether that property developer is certified by RERA or not.

But wait, Do you know what is RERA? Just stick with me I will answer below.

So Let’s get to the business.

What is RERA?

To begin with, Real Estate Regulatory Authority (RERA) is a bill which was introduced by the Indian National Congress government on 2013 under regulation and development act, 2016 and all its provisions came into the act from May 1, 2017.

Now you might be thinking what government did after enacting this act?
I know that’s what you’re thinking, right?

Here’s the answer after enacting this bill into a law, the government stated that every state compulsorily should form a regulator and set of rules must be framed for this regulatory authority to monitor the functions of real estate sector.

But here’s the important part all property developers and builders in India must register their projects where the area of land exceeds 500 sq mt rs and apartments that exceed 6 units with RERA also they should upload their project details in RERA official website.

No property developers can make their sale, market or advertise their projects without registering it with RERA.

Those builders or property developers who do not adhere to these rules will be imprisoned or certain amounts will be charged from them.

All the things considered, RERA registration is something important for builders, property developers, stockholders, property buyers, real estate agents.

Now, just think What’s the reason for the commencement of this new law?

We all know that we have a separate sector for real estate which is drafted with strict rules and regulations for proper transactions.

But don’t get me wrong still many complaints regarding fraudulent activities in buying a property like a delay in possession of property, real estate scams are pouring in real estate sector.

Now you got my point right.

It’s a word of caution if you are planning to buy a villa or property your first step is to check the RERA registration. Check this to know updated news about RERA

I bet you have something to say. Let me know in the comments.

Thank you…

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