About RERA

The Real Estate (Regulation and Development) Act, 2016 provides for establishing regulatory authorities at the state level to register residential real estate projects and seeks to regulate contracts between buyers and sellers in the real estate sector to ensure sale of plot, apartment or building, etc. in an efficient and transparent manner. It also proposes to ensure greater accountability towards consumers, and significantly reduce frauds and delays as also the current high transaction costs. By imposing certain responsibilities on consumers and promoters, it attempts to balance the interest of both. It seeks to establish ease of information between the promoter and purchaser, high level of transparency of contractual conditions, set minimum standards of accountability and a fast track dispute resolution mechanism.

Establishing a fast-track dispute resolution mechanism.

Ensuring accountability towards buyers and protect their interest

Infusing transparency, ensure fair-play and reduce frauds & delays

Ensuring the sale of real estate project, in an efficient and transparent manner.

Introducing professionalism and pan India standardization.

Establishing symmetry of information between the developer and buyer.

Imposing certain responsibilities on both developer and buyers

Promoting good governance in the sector and create investor confidence

All clearances: Builders often attract buyers with huge discounts and pre-launch offers. And, the buyer, enticed by the offers, does not bother about the clearance. But, due to delays in getting clearance, the buyer does not get the flat on time. This bill ensures that developers get all the clearances before selling flats.

Proper Structure: Proper after sales service if the buyer finds any structural deficiency in the development of the building, then it is the developer's responsibility to repair structural defects up to 5 years.

Timely delivery of possession:-It is seen that Developers often make false promises about the completion date of the project, but hardly ever deliver on time. As per the bill, strict regulations will be enforced on developers to ensure that construction runs on time and flats are delivered on decided time. In case if the builder is not able to deliver the flats on time, he/she will have to refund the purchaser with interest.

Accurate project details on site:In the construction stage, builders promote their projects, defining the various amenities and features related to projects. As per this bill, there can't be any changes to a plan. And if a builder is found guilty of this, he/she will be penalized 10% of the project's costs or face jail time of up to three years.

First RERA Registration, Then Advertisement: Promoters are not permitted to advertise any project without registering under the real estate project with the Real Estate Regulatory Authority established under this Act. Additionally, each advertisement has to carry the RERA registration number.

Booking Amount: The amount to be paid by the buyer has been forfeited from 10% to 15% which are should be paid only after registering the agreement for sale or allotment of buyer agreement or builder buyer agreement with the builders. Termination of the agreement is permitted only if the buyer defaults on payment thrice. The Buyer is entitled to a 15-day notice.

Project registration under MH-RERA Rs. 10 per square meter. Or Rs.50,000 Minimum and maximum Rs. 10 Lac.

Agent registration under Maharashtra RERA Rs. 10,000 in case of individual and Rs. 100,000 in case others.

In case residential Apartments / Project in UP

Rs 10 per square meter for Project size less than 1000 Square meter.

Rs 500 per 100 square meter for project size exceeds 1000 square meters.

Rs 20 per square meter for projects size less than 1000 square meters.

Rs 1000 per 100 square meter – For projects size more than 1000 square meters.

Individual Rs.25000 and in case others Rs.2,50,000/-.

We have carefully drafted all the rules as written in RERA so that people can easily know about them and can understand how much effort the government is making so that transparency can be maintained and buyers don’t have to feel cheated with their hard earned money again. Therefore, if you are a buyer or an agent or a promoter, feel free to contact us anytime so that we can do proper discussions on how to go about it and together give our support for a greater good.