The full form of RERA is the Real Estate (Regulation and Development) Act. The main aim of this is to protect the interests of home buyers and enhance transparency in the real estate sector. The Indian government implemented the RERA on the 26th of March 2016 and all its provisions came into effect, from May 1, 2017. This process is actually beneficial for both home buyers and also developers. At the same time, we are considering developers because they can also maintain a positive reputation with the help of this transparency.
RERA
Impact on real estate industry and buyers
Developers were given time till July 2017, within which they had to register their projects under RERA. In the similar way, real estate agents who also fall under the same category are still in the process of registering themselves. Home buyers always had the complaint that the process of real estate deals with the developers is not transparent. As per many home buyers, real estate transactions were lopsided and heavily in favour of the developers. Hence, to curb that, the government has come up with this process or RERA. From the very first day of inception, RERA had the aim to create a more equitable and fair transaction between the seller and the home buyer of residential properties, especially in the primary market.
The most positive and major aspect of this real estate act is that it provides a unified legal regime for the purchase of flats; apartments, etc and seeks to standardize the practice across the country. The information regarding project plan, layout, government approvals, land title status, sub-contractors are now shared with home buyers in order to make the entire process quite easy and transparent. Increased assertion on the timely completion of projects and delivery to the consumer has now become a mandatory task on the developers’ part.
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The absence of a proper regulator, for instance, the Securities Exchange Board of India for the capital markets in the real estate market was a major issue of concern for quite long. The RERA Act establishes Real Estate Regulatory Authority in each state and union territory. The main functions of RERA include protection of the interests of the stakeholders, accumulating data at a designated repository and creating a massive grievance redressed system. Now, it can be undoubtedly be said that real estate market has become more reliable than never before. So its great time to buy your own residential apartments and Sumadhura Eden Garden is wonderful project for you all because its already launched no need to wait.
According to the central act, every real estate project in case of where the total area to be developed exceeds 500 sq meters or more than 8 apartments is proposed to be made in any phase compulsorily be registered with its respective state’s RERA. Existing projects where the completion certificate or occupancy certificate has not been issued are also required to comply with the registration requirements under the Act. Hence, the process has become very stringent but the functions are taking place in the best and in the most lucid ways. Systematic methods are being carried on so that home buyers face no problem.
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