Real Estate Regulatory Authority
Resolve property disputes with our RERA Consultation.
Overview of RERA
The Real Estate (Regulation and Development) Act, 2016, which is the first legislation in the real estate industry, was enacted in March 2016 and made effective as of 1 May 2016, owing to the increasing number of concerns from real estate stakeholders and the absence of a proper regulatory framework. The Act, as mentioned above, has recommended that rules be applicable in this regard for every State / UT.
The said Act has mandated the creation of a Real Estate Regulatory Authority for each State/UT Government within 1 year from its effective date, i.e. until 30 April 2017. RERA shall be the regulatory body of each State / UT for the sole purpose of safeguarding the buyers ‘interests and controlling the real estate market. RERA has provided guidance and enforcement for all immovable business relevant.
What is RERA?
RERA stands for the Real Estate Regulatory Authority. It is an act passed by Indian Government to bring transparency and accountability to protect interest of homebuyers. The act resolves issues within the real estate sector, such as project delays and its mis-selling. Today, it is necessary for all commercial and residential real estate projects, in order to give greater transparency in project-marketing and execution. Also the act mandates the builders/developers to register their projects with the tribunal before they begin their projects.
How we help Buyers?
Under RERA act, we assist homebuyers and investors to resolve property’s issues with the builder, get penalty of delay possession from builder, and file complaint against builder. About 70 per cent of real estate projects in India are covered under RERA jurisdiction.
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How we help Developers?
We help developers to register their new and on-going projects, under RERA act. The act mandates regular payments from buyers, which gives relief to builders who used to bear the impact of defaulted payments often..
How we help Agents?
Under RERA act, we assist agents to register for buying, selling, and marketing projects. RERA registration is a must for all realty agents to help agents establish credibility among potential buyers and sellers.