RERA : Whats is RERA (Real Estate Regulatory Authority)
What is RERA = Real Estate Regulation & Development Act 2016 ( Part 1 )
Every State and Union territory has its own RERA
- Why RERA (Objectives of RERA)
Real estate industry was unregulated
It will Improve Taxability, Accountability, governance Cheating with buyers , Delay in Possession, Quality Issue in buildings .
Now there would be Authority and Appellate tribunal in every State and UT
- Applicability of RERA
Hence in order for a project to be “applicable” under RERA:
Intention to sell/book/advertise and
- Land area should be more than 500 sq meter or
- Units should be more than 8 and
- Completion certificate should not have been received as on 1st May 2017.
- Provisions of RERA are applicable to Primary Market only.
- Advantages of RERA
- selling on basis of Carpet Area & not on super built-up area
- each project should have a separate bank account
- After sale service of five year
- No change is plan without Approval of 2/3 allottees
- Consent of 2/3 allottees is required for transferring major rights.
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