ALL ABOUT RERA ACT

About all about rera act
Why all about rera act
Real Estate Regulation And Development RERA Act 2016

The Real Estate Regulation and Development Act, 2016  is an Act of the Parliament of India that seeks to protect home buyers as well as promote capital investment in real estate. helps to give. This act was passed in the Rajya Sabha on 10 March 2016 and in the Lok Sabha on 15 March 2016. The Act came into force on 01 May 2016, implementing 69 of its 92 sections.

The main provisions of this act are as follows –

1.    Provision for constitution of 'Real Estate Regulatory Authority' (RERA) at the state level.

2.    Resolution of disputes by fast-track tribunals within 60 days.

3. It is mandatory to register all construction plans with the Real Estate Regulatory Authority except for construction plans up to 500 square meters or 8 apartments.

4. Provision to keep 70 percent of the amount taken from customers in a separate bank and use it only for construction work.

5. Provision to compulsorily give details of project-related information such as project layout, acceptance, details of contractor, and duration of the project to the buyer.

Provision for payment of interest by the builder to the consumer if the construction work is not completed within the predetermined time limit. This will be at the same rate at which it charges interest from the consumer for the default in payment.

In case of disobedience of the order of the Real Estate Regulatory Authority, provision of 3 years imprisonment and a fine for the builder and a provision of 1-year punishment for the real estate agent and the consumer.

The proposal for legislation for the real estate sector was first passed in January 2009 at the national meeting of housing ministers of states and union territories. The Ministry of Housing and Urban Poverty Alleviation notified 69 of the total 92 sections of the Act this Act to come into effect from May 01, 2016, after eight years long efforts in this regard.

 As per the notification of the commencement of the Act on May 01, 2016, rules under this Act have to be framed by the Central and State Governments under section 84 of the Act within a maximum period of six months by October 31, 2016. For union territories without legislatures, the Ministry of Housing and Urban Poverty Alleviation will frame the rules, while for Delhi, the Ministry of Urban Development will frame the rules.

As per RERA, each state and union territory will have its own set of regulators and rules to govern the functioning of the regulator. The Center has drafted rules for union territories including the national capital. While many states are still behind schedule for notification of RERA rules. Many have notified the rules and will start a regulatory function. Some of these states are Haryana, Uttar Pradesh, and Maharashtra.

Here are the most important basic RERA rules

The developer at the time of booking and issue of the allotment letter shall be responsible for providing the allottee with the following information

Sanctioned plans, layout plans with specifications approved by the competent authority,

Phase-wise schedule of completion of the project, including the provision of civic infrastructure like water, sanitation, and electricity.

Currently, most builders consider 10 percent of the total cost of the property as the booking amount. The 'Agreement to Sale' is drawn up at a later date. Now as per RERA, a promoter cannot accept more than 10 percent of the cost of the property as advance payment or application fee without entering into a registered agreement for sale.

A registration number must be obtained before a project can be advertised. Some of the important documents that the promoter needs to submit to the RA include

Background details of the promoter

A brief description of the projects undertaken by the promoter in the last five years, which have already been completed or built Present status of the said projects, any delay in its completion, details of delay cases, details of the type of land, And late payment will need to be reported.

Attested copy of approvals and commencement certificate from the competent authority and where the project is proposed to be developed in phases, a copy of the approvals and commencement certificate from the competent authority for each such phase is also to be submitted.

Sanctioned plan, layout plan, and specifications of the proposed project or the phase and the entire project sanctioned by the competent authority.

Allotment letter, proforma of an agreement to sell, and offer to be signed with the allottees.

Number, type, and area of apartments for sale in the project, along with the area of an exclusive balcony or verandah areas and exclusive open terrace areas with apartments, if any

Number and area of garage for sale in the project

RERA not only covers new launches but also ongoing projects. Promoters have been given three months till 31 November 2017 to get their ongoing projects registered with RERA.

Make sure that the property purchased any time after May 1, 2017, is a project that is registered with RERA. Once the state's RA is set up, builders have to register their projects by submitting all the information including financial statements, a copy of the legal title deed, and other documents. Builders will get a registration number project-wise.

After registration with RERA, a login-id, and password will be given to upload project-related information of an Authority on the website of RERA on the website of the Authority. It will show the quarterly up-to-date number and type or list of apartments or plots, as bookings, quarterly up-to-date status of the project; and other information, etc.

The quality of construction is also a matter of concern for many builders. Under the authority of RERA rules it is provided for security after 5 years of possession. If there is any structural defect or any other defect in the quality or provision of service or any other obligations of the promoter upon notice of the promoter within five years of the agreement for sale, it shall be the duty of the promoter for 30 days to Rectify such defects without charge within.

The right to delay has been the norm all these years. In case the promoter fails to complete or is unable to hand over the possession of the property within the agreed period, he shall refund the total amount along with interest at the rate mentioned in the contract for sale and if the buyer intends to withdraw from the project If not, the promoter shall pay interest for every month of delay till the handing over.

So far, 13 states and union territories have been notified that RERA has come into effect. These states include Uttar Pradesh, Gujarat, Odisha, Andhra Pradesh, Maharashtra, Madhya Pradesh, and Bihar while Union Territories such as Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman, and Deep and Lakshadweep are included. Notification regarding the launch of RERA in Delhi NCR has been given.

RERA For Buyers

Investment in Property: If you are planning to buy a house of your choice, then this news can prove to be useful for you. You have to take special care of some things before buying any house or flat so that you can be saved directly from any kind of loss. Before investing in property, you should take special care of these things. So you can avoid getting property-related fraud.

Find the Right Property

Recently, after the demolition of the Twin Towers of Noida, there is an atmosphere of fear among the people living in the flats. Along with this, there is a fear among the people who are going to buy a house that the place where they are planning to buy a flat is safe or not. The place where he is going to invest in the property, is it illegal? Whether the possession will be available at the right time or not. In such a situation, they must get the correct information about the property. Or those who have already taken the property should meet them.

Will have to complain about RERA

Let us tell you that from Real Estate Regulatory Authority (RERA) RERA you will get answers to many questions related to that property or builder. When a builder registers a project in RERA, it means that whatever declarations have been made by him, he will have to fulfill it. If the builder does not fulfill his declarations on time or does something wrong with it, then you can complain against him in RERA and action can be taken against the builder.

Get your refund

If you are not satisfied with the decision of RERA, then you can appeal against it in court. If the possession of the flat is not received on time, the buyer can file a complaint with RERA and ask for his/her refund.

VISIT RERA WEBSITE

It is known that every state of the country has its own RERA website. It has been made mandatory for every builder to upload the details of all his properties on the RERA website. Buyers can solve their problems based on information provided by the builders on the website.

How To Fill Complaint In RERA

The Real Estate Regulation and Development Act (RERA) provides a platform for homebuyers to file complaints against developers for various issues such as delays in delivery, poor quality of construction, and more. Here are the steps to file a complaint in RERA:

1. Gather Evidence: Collect all relevant documents and evidence related to your complaint, such as purchase agreement, payment receipts, and any communication with the developer.

2. Check RERA Jurisdiction: Make sure your complaint falls within the jurisdiction of RERA. RERA has jurisdiction over all real estate projects that have received approval from the competent authorities after May 1, 2017.

3. Visit the RERA Website: Go to the official website of the RERA of the state where the property is located and look for the complaint filing section.

4. Fill in the Complaint Form: Fill in the complaint form with all the required information, including your contact details, project details, and a description of the issue.

5. Attach Evidence: Attach all relevant documents and evidence to support your complaint.

6. Submit the Complaint: Submit the complaint form along with the supporting documents to the RERA.

7. Receive Acknowledgement: You will receive an acknowledgment receipt from RERA after submitting the complaint.

8. Wait for a Response: RERA will investigate your complaint and take appropriate action. You will be informed of the outcome of the investigation.

It is important to note that RERA has a fast-track dispute resolution mechanism, and most complaints are resolved within 60-90 days. However, the time frame may vary based on the complexity of the issue.

Non-Complaint Penalty Of RERA

Under the Real Estate Regulation and Development Act (RERA), developers and builders can be penalized for non-compliance with the regulations set forth by the act. The penalties for non-compliance can vary depending on the nature and severity of the violation. Here are some of the common penalties for non-compliance under RERA:

1. Fine: The developer can be fined for not complying with the regulations set forth by RERA. The amount of the fine will depend on the nature and severity of the violation.

2. Imprisonment: In severe cases, the developer may face imprisonment for up to three years for violating RERA regulations.

3. Cancellation of Registration: If the developer is found to be in serious violation of RERA regulations, the registration of the project can be canceled, making it illegal to sell or construct the property.

4. Compensation to Homebuyers: If the developer is found to have violated the regulations set forth by RERA, they may be required to compensate homebuyers for any losses suffered as a result.

It is important to note that the penalties for non-compliance with RERA are designed to ensure that developers and builders comply with the regulations and protect the interests of homebuyers. The penalties are not meant to be punitive, but rather to encourage compliance and ensure a fair and transparent real estate market.

When Can You Fill A Complaint In RERA?

A complaint can be filed with the Real Estate Regulatory Authority (RERA) under the following circumstances.

1. If a builder has not registered a project with RERA.

2. If a builder has not obtained necessary approvals from competent authorities.

If the builder has deviated from the approved plans and specifications.

If the builder has failed to hand over the possession of the property within the agreed time frame.

 If there are any delays in completing the project.

If the builder has failed to provide amenities as promised.

7. q    If the builder has demanded an amount over what was agreed upon.                                

   It is important to note that a complaint should be filed within 2 years from the date of the cause of action.

RERA In Delhi/Gurgaon/ Noida

The Real Estate Regulatory Authority (RERA) in Delhi NCR, India, is an official body established to regulate and promote the real estate sector in Delhi NCR. Its main purpose is to protect the interests of homebuyers and ensure the timely delivery of projects by developers.

Under RERA, all real estate developers in Delhi are required to register their projects with the RERA Authority and comply with various regulations such as adhering to approved plans and providing timely possession of the property. Homebuyers can file complaints with RERA in case of any grievances against the developer.

RERA in Delhi has established a consumer-friendly mechanism to resolve disputes and complaints promptly, making it easier for homebuyers to seek redressal in case of any issues. This has improved the transparency and accountability in the real estate sector in Delhi, providing greater protection and peace of mind to homebuyers.

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