Is your project covered in RERA ?

General
Monday 25th March 2019
Author: Riya Kapoor

Highlights

As a result of such a stern step, india’s real estate is on the verge to put a complete halt on all the embezzlements the homebuyers previously faced by the builders.
Essentially almost all large projects which have not obtained completion certificate will immediately come under the purview of the Act thereby providing the homebuyers a shield to seek protection.
Where the Promoter has received completion certificate for a real estate project prior to commencement of RERA.

The Real Estate sector in our country before 2016 was unregulated and headless despite it being such a massive one. It was in the year 2016 that the Indian government passed a ruling whereby implementing the momentous act- The Real Estate Regulatory Authority 2016 (RERA) which proved to be a pertinent step in ameliorating India’s Real Estate Sector.

All the malpractices that the builders indulged into prior to RERA, are now being scrutinised and punitive actions are taken against the trespassers. As a result of such a stern step, india’s real estate is on the verge to put a complete halt on all the embezzlements the homebuyers previously faced by the builders.

Projects covered under RERA

• All the projects which were still under construction at the time of enactment of the Act and any new project thereon comes under the purview of the RERA, provided- they are developed on a land area of more than 500 sq meter or which have more than 8 units with all phases combined.

Thus, it implies that only the projects that are developed on a land with area more than 500 sq meters or has more than 8 units with all phases combined will come under the ambit of RERA and requires RERA registration.

According to Section 3 of RERA, the following real estate projects are not required to get the RERA registration-

• Where the area of the land does not exceed 500 square meters and number of apartments does not exceed 8 units.

• Where the Promoter has received completion certificate for a real estate project prior to commencement of RERA.

• Where the work involved is limited only to renovation or repair or re-development and does not involve marketing, advertising, selling or new allotment of any apartment, plot or building.

Essentially almost all large projects which have not obtained completion certificate will immediately come under the purview of the Act thereby providing the homebuyers a shield to seek protection. This has proven to be very efficacious and resulted in an unprecedented amount of transparency and accountability in the indian real estate sector.

For RERA Registration of your project, contact us.