Modify Search


Major facts about the RERA

23, Jun, 2017

Real Estate Regulation Act is applied on the real estate market in India and sooner or later each builder is getting registered with it. Within no time the rule has empowered customers and also developed equal business track for the builders. Various rumors were made before the rule was under approval but with its implementation last month everything got cleared. As per RERA, every state along with the Union Territories will have its own operator and specified rules to control the functionality of the regulator. People are still unable to understand the act fully and for this we have drafted some major points to make the vision on this act bit clearer.

  • It is compulsory for all the builders, who are working with an area more than 500 sq. ft., to register themselves with RERA even before publishing an advertisement of their project.
  • Ignoring the amendment will fetch a maximum imprisonment of 3 years or fine up to 10% of the total valuation of the project.
  • The regulator will witness the agreement between the investors and builders regarding the final layout, delivery, sale agreement, and the investment.
  • The contractors, who will execute the entire acknowledgment clause, will only be allowed to publish their project in the market.
  • A completely dedicated grievance cell will be formed to address the issues faced by the investors regarding the project. Previously, this was not possible without wasting time and effort due to the haphazard laws of real estate.
  • Every state will set up a Real Estate Appellate Tribunals.
  • For the completion of the project in time, the developers will have to deposit 50% of the fund in an exclusive account that is dedicated to that project. This will ensure the investment of the capital in that project only, which will quicken the construction procedure.
  • The implementations of various steps under the Act will sustain a fixed price of the properties, which will promote the business in the real estate sector.
  • This will make the investors feel more secure about their investment, as the stricter rules will eradicate the fake and treacherous builders.
  • The builders will also be benefited with the clause, under which the investors will be fined if the timely payment is not done.

The Real Estate Regulatory Act is a platform, where both the builders and investors can work in coordination, without the risk of being cheated and awareness of the act before its implementation is mandatory for the success.

Posted by : Satish Singh ( GTF Technologies ) shall neither be responsible nor liable for any inaccuracy in the information provided here and therefore the customers are requested to validate the information from the respective developers before making their decision for purchase of properties. The information provided herein have been collected from publicly available sources, and is yet to be verified as per RERA guidelines.*

Click here to go through our terms of use as per RERA guidelines.
Unit of GTF Technologies
Disclaimer: is a platform which acts a medium for allowing people having converging interests involving real estate transactions, namely the buyer/tenant and owner/ is merely a preliminary medium of contact and exchange of information, users are strongly advised to have independent third party verifications (whether marked verified or not) prior to proceeding with any transactions involving real estate. The onus of finding a genuine property, be it for purchase or rental purpose, lies on the user. This website is meant only for information purposes. It should not be considered/ claimed as an official site...    Read More...