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Real Estate Regulatory Bill (Rera Act) 2016.

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by plotson
May 9, 2017
Category:   Blog Features

RERA Act  2016.

To establish the Real Estate Regulatory Authority for the  regulation and promotion of the Real  Estate sector and to ensure sale of Plot, Apartment or Building, The  Housing Ministry  has  asked to  implement RERA  Act 2016   to all states  from 1st May 2017, Till  date  11 states and  UT’s have so far notified the rules. The states that have notified the rules are Uttar Pradesh, Rajasthan, Uttarakhand, Kerala, Haryana, Gujarat, Odisha, Andhra Pradesh, Maharasthra, Madhya Pradesh and Bihar.

The housing ministry had last year notified the rules for five UTs—Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep, while the urban development ministry came out with such rules for the National Capital Region of Delhi .

The bill was passed last year  in both the houses of parliament, Now each of the state will have its own regulator and will have to come out with their own rules.

The major reason to establish RERA act is to ensure Transparency & efficiency in Real Estate Sector, &  protecting the interest of buyers.

Key Highlights Of  RERA.

The Real Estate Projects more than 500 Sq.mt. or  more than 8 apartment has to do registration with the authority before start Selling .

The Real Estate Agents also need  to register with the authority. The registration is valid  for  the period  of 5 years.

The details provided by the promoter will be published on the Website of the Authority.

Now Developers has  to pay interest  for the delay in Real Estate Projects.

At every State  level there will be a formation of  authority consist of a Chairperson & Members.

Appellate Tribunal will be established for hearing the appeal, decisions, orders of the Real Estate Regulator Authority.

If Found guilty the act provides Punishment like  imprisonment & fine for offences .

There is a Punishment like   imprisonment & fine for offences .

There are many reasons for delay in projects such as diversion of funds in different projects,  start selling projects before any approval, in certain issues there were delay from sanctioning authority, environmental clearance, delay in land acquisition.

We are providing herewith the  link for the  notification of  each state.

RERA Rajasthan

RERA Uttarakhand

RERA Kerala

RERA Bihar

RERA Haryana

RERA Maharashtra

RERA New Delhi

RERA Odhisha

RERA Madhya Pradesh

RERA Uttar Pradesh

RERA Karnataka

RERA Andaman & Nicobar

RERA Chandigarh

RERA Dadra & Nagar Haveli

RERA Daman & Diu

RERA Lakshadweep

RERA Gujrath

Definitely the act will  boost client confidence of customer   & help Real Estate  Sector to work  in a more organized way.

 


152 thoughts on “Real Estate Regulatory Bill (Rera Act) 2016.

  • sachitra Mohan Nayak
    May 9, 2017

    How to resister in RERA?

    • plotson
      May 11, 2017

      if you are from Mahrashtra there is a website maharera.mahaonline.gov.in

      • Kaushik
        June 22, 2017

        Projects for Mumbai/Navi Mumbai/Thane are not there.

        • plotson
          June 23, 2017

          sure sir definately it will be very soon Thanks

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