RERA MEANS - Real Estate Regulation (And Development) Act, 2016 & Rules 2016
 
 
This act was brought for following reasons
 
Highly unregulated sectors in spite of many laws.
Lack of transparency in projects.
No proper information about the builder.
Lack of Easy and Quick Redressal.
Possession not given in time.
Do not provide OC and Completion Certificate.
Demand Additional amount in cash.
Do not Form the Societies or give conveyance.
Do not provide with all the agreed amenities.
Parking and open spaces are sold.
Fraud, cheating by builders.
Approved Plans, title deed not proved.
Flat areas are sold at Super Built up.
 
 
 
 
 
Developer has to do Prior registration of real estate project with RERA
 
Application for registration of real estate project.
Grant of registration.- Within 30 days
Extension of registration.
Revocation of registration. – On default
Obligation of Authority consequent upon lapse of or on revocation of registration.
Registration of real estate agents.
Functions of real estate agents.
Functions and duties of promoter.
Obligations of promoter regarding veracity of advertisement or prospectus.
No deposit or advance to be taken by promoter without first entering into agreement for sale.
Adherence to sanctioned plans and project specifications by the promoter.
Obligations of promoter in case of transfer of a real estate project to a third party.
Obligations of promoter regarding insurance of real estate project.
Transfer of title.
Return of amount and compensation.