Real Estate Regulatory Bill (Rera Act) 2016.
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.
Definitely the act will boost client confidence of customer & help Real Estate Sector to work in a more organized way.