The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into force on 1 May 2016 with 59 of 92 sections notified. Remaining provisions came into force on 1 May 2017.
The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
RERA Registration of Projects in Jaipur Rajasthan.
Real estate agents who facilitate selling or purchase of properties must take prior registration. Such agents will be issued a single registration number for each State or Union Territory, which must be quoted by the agent in every sale facilitated by him.
RERA Registration of Real estate agents in Jaipur Rajasthan.
Now the buyers can rely on a project if it is RERA Registered. In case the promoter's of the project contravene any of the provisions of the Act, the buyer may directly approach to the RERA authority, file a complaint and resolve the matter quickly.
B K Goyal & Co Chartered Accountants (CA in Jaipur) - All Rights Reserved.
B K Goyal & Co Chartered Accountant - CA in Jaipur