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RERA Act Defined & Simplified: Salient Features | Benefits 

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Why Invest money in the Real Estate Industry?

Introduction:

  Real Estate as a general term describes the built environment, which plays a vital role in every aspect of an economy, society, and environment, the common man who invested his lifelong savings in buying a property. To protect and safeguard the interests of the home buyers and to ensure that they are not exploited by the developers/builders.

RERA:

RERA stands for Real Estate Regulatory Authority, the bill of this parliament of India act was passed on 10th March 2016 by Rajya sabha was effective from 1st May 2016.

Under the RERA act, a minimum of 70% of the buyers and investor's money will be kept in a separate account. This money will then be allocated to the builders only for construction and land-related cost.

Developers and builders cannot ask for more than 10% of the property's cost as an advance payment before the sale agreement is signed.

Builders are supposed to submit the original documents for all projects they undertake and not supposed to make any changes to the plans without the consent of the buyer.

The builder must rectify any issue faced by the buyer with 5 years of purchase, this issue must be rectified within 30days of the complaint.

Standardized Carpet Area:

The Builder would calculate the carpet area as 1500SFT and the other would calculate the carpet area of 1400SFT.

RERA emphasizes on timely completion of projects. Any delay means that the developer has to pay the buyer interest of 2% over SBI's MCLR for the period of delay.

The developer has to resolve disputes with buyers within 120 days of it being filed.

The rate of interest to be paid shall be the same for both parties.

The buyer has the option to withdraw from the project wherein he is entitled to a full refund of the amount paid as advance or otherwise along with interest and claim compensation.

Registration of Projects Under RERA:

All commercial and residential real estate projects have to register except in projects Where-

The Promoter has received the completion certificate of the project before the commencement of the act.

The area of land proposed to be developed does not exceed 500Sq.mt

The number of apartments is not more than 8

Any repair or renovation of an existing building or structure that does not require marketing advertising, and selling of any apartment or plot.

The Registration process for Real Estate Agents:

Fill an application to the filing of complaints under the RERA Act along with fees and documents to get registered with RERA.

You will receive a registration number from the regulator and this number to be mentioned in every property sale.

Every quarter you are required to maintain the books of account, record, and documents related to the transactions.

Share all the information and documents about the project with the buyer.

The agent may be suspended for the misrepresentation or found during the registration process.

Documents required for registration under RERA:

The following documents should be enclosed in hardcopy with the application.

Pan Card of the builder

ITR of the last 3 years and the balance sheet of the builder

The builder must clarify about the apartment( Carpet area, No of floors, parking space)

Declaration by the builder of having the legal title of the land with proof.

Details of the land ( rights, title, mortgage).

If the builder is not the owner of the land, the consent letter of the actual owner with the document will be required.

Details of the project(Location, Sanctioned plan, Layout plan)

The ownership document( Proforma of allotment Letter agreement of sale)  

Information of the persons involved( Architects, Engineers, and others)

Filling of Complaints under RERA:

Any aggrieved person may file a complaint with RERA for any violation of the provisions of the Act.

In case the person is not satisfied with the decision made by RERA or its officer, he may file an appeal before the RERA appellate tribunal within 60 days.

From the date of the decision made by the appellate tribunal, a person can file an appeal to the high court with 60 days.

Where to apply:  RERA Application

Conclusion: For every real estate company, real estate agents are must and should be applied RERA, if anyone has facing issues with builder or agent you can directly complain in RERA.

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