RERA : Introduction, key questions, Registration
RERA- Real Estate Regulation Authority
Real Estate (Regulation and Development) Act, 2016- i.e REA
What is RERA?
RERA : “REAL ESTATE REGULATION AUTHORITY” established by Real Estate(Regulation and Development) Act, 2016. An Act, No 16 in the Year 2016. It contains 92 Sections, Section 2, 20 to 39, 41 to 58, 71 to 78 and Sections 81 to 92 Were first applicable from 01st May 2016
When Real Estate(Regulation and Development) Act, 2016 Approved by Rajayasabha and Loksabha?
Passed by Rajayasabha on 10 March 2016 and Passed by Loksabha on 15 March 2016
When Real Estate(Regulation and Development) Act, 2016 received assent of President
IT received the assent of President on 25 March 2016
Is RERA an ACT?
THE REAL ESTATE REGULATORY AUTHORITY (RERA), Established Under- Real Estate (Regulation and Development) Act, 2016
and the provisions of Chapter V of the Act and contains Sections 20-40.
The RERA Is an Authority
RERA For Builders
It’s a competitive market, and builders/promoter were loosing the trust of buyers – investors as well as end users.
But due to this Act- Builders/promoters are able to register their project with the Authority and gaining back the trust of buyers. It help them to boost the slow real estate economy.
RERA For Buyers/Allottees
The allottee shall be entitled to obtain the informations relating to sanctioned plans, layout plans along with the specifications, approved by the competent authority and such other information as provided in this Act or the rules and regulations made thereunder or the agreement for sale signed with the promoter. -19(1)
The allottee shall be entitled to know stage-wise time schedule of completion of the project, including the provisions for water, sanitation, electricity and other amenities and services as agreed to between the promoter and the allottee in accordance with the terms and conditions of the agreement for sale -19(2)
The allottee shall be entitled to claim the possession of apartment, plot or building, as the case may be, and the association of allottees shall be entitled to claim the possession of the common areas, as per the declaration given by the promoter -19(3)
The allottee shall be entitled to claim the refund of amount paid along with interest at such rate as may be prescribed and compensation in the manner as provided under this Act, from the promoter, if the promoter fails to comply or is unable to give possession of the apartment, plot or building, as the case may be, in accordance with the terms of agreement for sale or due to discontinuance of his business as a developer on account of suspension or revocation of his registration under the provisions of this Act or the rules or regulations made thereunder-19(4)
The allottee shall be entitled to have the necessary documents and plans, including that of common areas, after handing over the physical possession of the apartment or plot or building as the case may be, by the promoter-
What is the role of RERA?
Extracts taken from section 34 of the Real Estate Act:-
◦to register and regulate real estate projects and real estate agents registered under this Act
◦to publish and maintain a website of records, for public viewing, of all real estate projects for which registration has been given, with such details as may be prescribed, including information provided in the application for which registration has been granted
◦to fix through regulations for each areas under its jurisdiction the standard fees to be levied on the allottees or the promoter or the real estate agent, as the case may be
More Role of RERA
35- Powers of Authority to call for information, conduct investigations.
36. Power to issue interim orders.
37. Powers of Authority to issue directions.
38. Powers of Authority.
39. Rectification of orders.
40. Recovery of interest or penalty or compensation and enforcement of order, etc
Is RERA applicable all over India?
What is RERA approve Project?
The project to whom registration under Section 5 of Real Estate(Regulation and Development) Act, 2016 has been granted
State wise list who notified RERA-Real Estate(Regulation and Development) Act, 2016
30 States/UTs have notified rules under RERA; 4 North Eastern States (Arunachal Pradesh, Meghalaya, Nagaland and Sikkim) are under process to notify the rules.
30 States/UTs have set up Real Estate Regulatory Authority (Regular – 23, Interim – 07) (Lakshadweep is under process to establish).
25 States/UTs have set up Real Estate Appellate Tribunal (Regular -17, Interim – 08) (Assam, Himachal Pradesh, Kerala, Mizoram and Lakshadweep are under process to establish).
Regulatory Authorities of 26 States/UTs have operationalised their websites under the provisions of RERA. (Assam, Lakshadweep, Manipur & Puducherry are under process to operationalize).
48,692 Real Estate Projects and 38,261 Real Estate Agents have registered under RERA across the country.
41,260 Complaints have been disposed-off by the Real Estate Regulatory Authorities across the country.
State Wise List who notified
Gujarat 29 October 2016
Uttar Pradesh 11 October 2016
Chandigarh 31 October 2016
Dadra and Nagar Haveli 31 October 2016
Andaman and Nicobar Islands 31 October 2016
Lakshadweep 31 October 2016
Daman and Diu 31 October 2016
Madhya Pradesh 22 October 2016
Delhi 24 November 2016
Maharashtra 19 April 2017
Andhra Pradesh 28 March 2017
Odisha 25 February 2017
Bihar 1 May 2017
Rajasthan 1 May 2017
Jharkhand 18 May 2017
Uttarakhand 28 April 2017
Tamil Nadu 22 June 2017
Karnataka 10 July 2017
Punjab 8 June 2017
Chhattisgarh 26 April 2017
Haryana 4 October 2018
Assam 6 May 2017
Telangana 4 August 2017
Himachal Pradesh 28 September 2017
Goa 24 November 2017
Tripura 27 October 2017
Puducherry 18 July 2017
Kerala 18 June 2018
Mizoram 15 March 2019