Home | Legal Advice | Property | Silent features of RERA

Silent features of RERA

Shivendra Pratap Singh

Advocate (Lucknow)

Online advising since Oct. 2014

Property | RERA

Reading Time:

The Real Estate (Regulation and Development) Act, 2016 (RERA) is a law that regulates the real estate sector in India. It was enacted to protect the rights of buyers and to ensure transparency and accountability in the real estate sector. Here are some of the key features of RERA:

  1. Project registration: Developers are required to register their projects with the state-level regulatory authority before launching them. This ensures that buyers have access to important information about the project, such as the approved plans and completion status.
  2. Disclosure of information: Developers are required to disclose various details about the project, such as the layout plan, carpet area, and the status of the construction, to the buyers.
  3. Escrow account: Developers are required to deposit a certain percentage of the project’s cost in an escrow account, which can only be used for the construction of the project. This ensures that the funds are not misused and that the project is completed on time.
  4. Timely completion of projects: Developers are required to complete the projects on time and to obtain the Occupancy Certificate before handing over possession to the buyers.
  5. Adjudicating authority: RERA has established Adjudicating authorities to hear and resolve disputes between the buyers and the developers.
  6. Appellate Tribunal: RERA has also established Appellate Tribunal, who will hear appeals against the order passed by the Adjudicating Authority.
  7. Penalties: RERA provides for penalties for developers who violate the provisions of the act.
  8. Transparency and accountability: RERA aims to promote transparency and accountability in the real estate sector by ensuring that developers disclose all the relevant information to the buyers and by holding developers accountable for completing the projects on time and in accordance with the approved plans.

It’s important to note that the implementation of RERA varies from state to state, and it’s always best to consult with a lawyer who is familiar with the laws of your jurisdiction to understand the specific provisions and regulations of RERA.

shivendra pratap singh advocate

Shivendra Pratap Singh

Advocate (Lucknow)

Consult on Criminal, Civil, Writ, Matrimonial, Service matters, Property, Revenue, SARFAESI related cases

Kanoonirai has been advising in legal issues since October 2014. You can consult a lawyer through online media, telephonic consultation and video conferencing.

Contact

mail[at]kanoonirai.com
+91-91400-4[nine][six]54