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What is RERA & Why is it so important?

The Indian real estate market has experienced significant growth in recent years, with returns on real estate investments often surpassing other investment options, including the stock market. Both homebuyers and investors have contributed to this growth. However, a major concern for property buyers in India was the issue of delays in possession caused by builders who frequently missed their construction deadlines. This led to the need for stricter regulations and government intervention. To promote real estate investments and protect the rights of property buyers, the Real Estate Regulation and Development Act (RERA) was passed in India in March 2016 and came into effect on May 1, 2016 and May 1, 2017. Under RERA, all real estate projects must be registered with a Real Estate Regulatory Authority. RERA registration is crucial for ensuring compliance and protecting the rights of property buyers.

What is RERA?

The Real Estate Regulation and Development Act (RERA) was passed by the Indian government in 2016 to regulate the real estate industry and protect the rights of homebuyers. Prior to RERA, there were complaints that there was no stringet rules & regulation/governing authorities over the builders & developers. RERA aims to make real estate transactions between buyers and developers more fair and equitable.

The main goals of RERA in the real estate industry are:

     

      • To protect the rights and interests of homebuyers in India

      • To increase transparency in real estate transactions

      • To ensure accurate information flow between developers and buyers

      • To impose greater responsibilities on builders and buyers

      • To improve the credibility of the Indian real estate sector and attract investors

      • To establish a mechanism for speedy dispute resolution.

      • To regulate the broker network in the residential real estate market.

      • To resolve the issues of the buyers by pinalising defaulting builders.

    Why is RERA important?

    The real estate sector is a significant contributor to government revenue through taxes such as GST, stamp duty, registration charges and property tax. To improve trust in the industry, the Real Estate Regulation and Development Act (RERA) was introduced to provide a fair and transparent environment for both buyers and developers. Under RERA, buyers have access to detailed information about a project and can verify related documents. Developers are held accountable for timely possession of properties or face penalties for delays. Additionally, RERA requires developers to sell properties based on their actual size, rather than inflated measurements, resulting in increased transparency and credibility.

    What is RERA Registration?

    According to RERA, any real estate project that involves developing an area of 500 square meters or more than eight apartments must be registered with the RERA. Additionally, any project that did not receive a completion certificate or occupancy certificate before the implementation of the act must also be registered. The registration process requires developers to disclose all relevant information about the project, such as land status, approvals, proposed completion date, and promoter details. Moreover, it is prohibited for developers to advertise or market a project without first obtaining the mandatory RERA registration.

    The Real Estate Regulation and Development Act (RERA) was enacted by the Indian Government in 2016 to increase transparency in the real estate industry and protect the rights of property buyers. The act also imposes additional responsibilities and legal obligations on developers and builders.

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