REAL ESTATE REGULATORY AUTHORITY – OVERVIEW
The Government of India have notified the Real Estate (Regulation and Development) Act, 2016. This Act provides for establishing Real Estate Regulatory Authority (RERA) and Appellate Tribunal for monitoring and adjudicating disputes relating to real estate projects and also to frame Rules under this Act.
Registration of all Real Estate Agents is made mandatory with RERA. No sale in a real estate project can be made without registration of the project with RERA. These Rules will apply to all ongoing projects and future projects where the area of land exceeds five hundred square meters or the number of apartments proposed to be developed exceed eight inclusive of all phases. It is mandatory for a promoter to upload the details of the proposed project on the website of RERA, including details of registration, types of apartments or plots booked, list of approvals taken etc. Both promoter and buyer are liable to pay equal rate of interest in case of any default from either side. The customer/buyer/allottee may download the required information /plans/documents from the website.
As an interim arrangement, the Secretary to Government, Housing and Urban Development Department has been appointed as the Real Estate Authority Regulator till the full time Chairman and Members of the Authority are appointed.