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    RERA Compliance

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    RERA Compliance

    RERA Registration is a registration that falls under the purview of the Real Estate (Regulation and Development) Act. RERA stands for Real Estate Regulatory Authority, and it was created to address the issues that exist in the real estate sector. It is mandatory to obtain RERA registration before advertising, marketing, booking, selling or offering for sale, or inviting people to invest in any plot, apartment, or building. It is done to accompany the dependability mentioned below, which are as follows:

    • Promotes Transparency
    • Responsibility (by minimising the chance of fraud).
    • It provides a benefit and keeps the promoter and purchaser interested.

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    RERA Compliance

    RERA Registration is a registration that falls under the purview of the Real Estate (Regulation and Development) Act. RERA stands for Real Estate Regulatory Authority, and it was created to address the issues that exist in the real estate sector. It is mandatory to obtain RERA registration before advertising, marketing, booking, selling or offering for sale, or inviting people to invest in any plot, apartment, or building. It is done to accompany the dependability mentioned below, which are as follows:

    • Promotes Transparency
    • Responsibility (by minimising the chance of fraud).
    • It provides a benefit and keeps the promoter and purchaser interested.

    The RERA Act is implemented at the state level, and the authorities in charge of the act are responsible for the following:-

    • Registration and related approvals for commercial and residential property registration under RERA.
    • Governing the sale and purchase of real estate properties
    • Id and address proof of the promoter.
    • Photographs
    • PAN Number
    • Email id
    • Along with the Sanction Plan and the Commencement Certificate
    • Layout Plan
    • Location details of the project.
    • The work plan to be carried out in the project.
    • Parking space availability in the real estate project.
    • Legal title deeds based on the promoter’s title to the land on which the project is proposed.
    • Details of the promoter’s previous project experience, if any The specifics must include
    • Name and status of the project.
    • Submitting the RERA Registration Form
    • Submitting the Required Documents
    • Authority Acceptance or Rejection
    • Registration Certificate Issuance
    What is the need for RERA in India?
    The real estate sector is critical to meeting the demands for housing and infrastructure development. This sector has grown rapidly in recent years, necessitating the establishment of professional and specific standards to bring unregulated operations within the legal framework. In the absence of any regulating mechanism for consumer protection, builders exploit innocent customers by engaging in unfair and unethical practises, necessitating the establishment of a specific body, and thus the Real Estate Regulation Act is introduced as a saviour.
    RERA is an abbreviation for the Real Estate (Regulation and Development) Act of 2016, which was enacted to oversee the Indian real estate sector.
    If the promoter is found guilty of any fraud, he or she may be fined up to 10% of the project cost and imprisoned for up to three years.
    Fees for RERA project registration vary by state, depending on the applicant's home state. Please visit the respective state's RERA website for more information.

    The following are the advantages of obtaining RERA Registration:

    • Possession of the property on time
    • Increased compliance lowers fraud.
    • Increases trustworthiness
    • Assured License Clearance
    • Handling of complaints
    • Proper publication of projects and activities involved