Clear all your RERA Doubts with Us
Real Estate Regulation and Development Act also known as RERA is the law which was introduced on May 1st, 2016, and became effective on May 1st, 2017. According to the Act, projects that are still under construction must register with RERA in order to begin selling. RERA is a law that creates the Real Estate Regulatory Authority (REA) to monitor and promote the real estate industry, ensure effective and transparent real estate sales, and safeguard client investments. In addition, RERA is concerned with creating a dispute resolution process that is swift.
Developers who register with RERA must upload all project information to the RERA website in order to receive a RERA number and a project page. You can enter the project name into the reputable RERA website and conduct a search by state. If the project is registered, you will eventually open the page that contains all the project information.
a) The right to information about the promoter, condition of the land, layout plan, development works plan, status of statutory approvals, number of parking spaces, consultant, architect, the material, specifications, sizes, amenities, estimated completion date, etc.
b) The right to be informed of the names and addresses of agents, contractors, architects, engineers, and other professionals.
c) The ability to demand interest in the event of a delay, refund, or deviation from approved plans or specifications.
d) The ability to demand correction if a structural or construction defect is discovered within the first five years of possession.
e) The possibility of filing a lawsuit in the RERA court against the developer if there is a dispute in the arbitration.
f) The ability to request a refund if you don't receive your money right away or become interested in it.
Developer is accountable for the customer's demand that he repay the funds he borrowed from him for the flat, property, or apartment, plus interest at the rate specified in the contract and compensation in the manner specified by the RERA act. (It is equivalent to the MCLR rate of the RBI plus 2% of the amount paid by the consumer)
The term "carpet area" refers to an apartment's net useable floor area. The space covered by the apartment's interior wall partitions falls under the carpet area as well. It does not include any open terrace provided with the apartment, the balcony area, the area under the shaft, or the area covered by walls (wall width).
The RERA agreement follows a standard format for agreements. All of the consumer's rights are safeguarded in this. For developers, there is a proper arrangement in the context of cash flow and the demand for late payment penalties.
Up until the project receives RERA approval, there can be no pre-launch sales. Any transaction that goes by the term of "pre-launch" is regarded as illegal dealing and is therefore penalised.
Under RERA, the client has rights that are outlined to protect his investment. a) The right to demand correction if a construction or structural defect is discovered within the first five years of possession. b) The right to file a claim in the event that the developer is wronged in the arbitration and it is upheld by the RERA court.