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What is RERA Act 2016?

Date - 31th May 2023
What is rera

In 2016, the Real Estate Regulatory Act was enacted to make it easy for Builders and Residents.

It helped in the smooth transaction through the complex system of Real Estate mandated regulations and reliefs. All the different authorities established under RERA are developing the best practices by timely regulating situations and also, by proposing amendments to the RERA. The objective here is to make the communication easy to comprehend from both sides.

The respected authorities are meeting for thorough Conclaves, Public Feedback, Discussion Papers, and many more. Moto is to achieve the best possible practices that suits the best the Stakeholders' interests.

NATIONAL RERA CONCLAVE INSIGHT

Lately, there was this 1st National RERA conclave held by Uttar Pradesh Real Estate Regulatory Authority in association with the Government of India, NAREDCO, Government of Uttar Pradesh, CREDAI, and National Homebuyers Association. Here, the best processes and practices devised by the different authorities were presented- that would help the budding stage state authorities to achieve the basic fundamentals of the act.

The following list of best practices and legislative amendments made as time went on under RERA, 2016:

Every type of promotional brochure by the Promoters has to be submitted by them. 7 days of their distribution and along with the signature of the Promoter.

It helps for keeping track of all the promises that any promoter has promised for any project. Many times it happens that the promoters refused to hold the ownership of the brochures. Similar instructions have been given regarding the attachment of such brochures to the registered sale documents.

All the promoters have to provide the status of the project that is similar to the tickets shown in any ticket booking website. Here, also the project development can be monitored online.

For the protection of allot tee interests in joint development projects, both the land owner and the land developer must register "as promoter" of the real estate project.

Regulations for opening bank accounts have also been developed by the Haryana Real Estate Regulatory Authority. The promoter must open 3 accounts in the bank, all of which will be under HARERA's supervision: a master account (100%), a separate RERA account (70%), and a free account (30%).

Regulations for opening bank accounts have also been developed by the Haryana Real Estate Regulatory Authority. The promoter must open 3 accounts in the bank, all of which will be under HARERA's supervision: a master account (100%), a separate RERA account (70%), and a free account (30%).

A property's area is frequently determined using one of three methods: carpet area, built-up area, and super built-up area. When a property is purchased, there is actually a big discrepancy between what the buyer pays and what he actually receives. The developers must now disclose the size of the apartments based on the carpet area, which is of the apartments must now be disclosed by the developers based on carpet area, which is the area enclosed by four walls.

In the material that is made available to the public, promoters are obligated to disclose that the property and project have a clear title.

Promoters must make sure that the building quality is up to par in order to avoid liability under the "Defect Liability Clause," which requires them to fix any quality problems, structural problems, or other problems for a period of five years.

Promoters must have the consent of 2/3 of the project's buyers in order to change plans and other specifications that are currently part of the details that have been agreed upon.

KEY TAKEAWAYS OF RERA

RERA is a significant advancement for both buyers and developers, as it will put an end to the misconduct of defaulting Promoters and quickly resolve the issues for purchasers who have been drawn into the vicious cycle of dishonest builders.

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