RERA Act – Real Estate (Regulation and Development) Act

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Real Estate (Regulation and Development) Act
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About RERA Act

RERA Act stands for “ Real Estate Regulatory Authority ” is an act of Real Estate (Regulation and Development) Act, 2016. In 2013 it was introduced by National Congress Government of India. Know What is RERA Act,

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What is RERA Act?

What is RERA Act: In order to protect the purchasers of home and boosting the real estate investments, this Real Estate Regulatory Authority bill was passed by Parliament of India by Rajya Sabha (The Upper House) in the year 10th Mar of 2016. The act has become effective from 01st May of 2016 and out of 92 sections, 52 sections are notified during this period. The remaining other sections are effective from 01st May of 2017.

Real Estate Regulatory Authority
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Real Estate Regulatory Act Rules

The following are the rules of Real Estate Regulatory Act:

  • The rules of the Real Estate Regulatory Act had released through Housing and Urban Poverty Alleviation (HUPA) Ministry in the year 31st Oct of 2016.
  • All these rules are also applicable to the Union Territories of India.
Union Territory of India
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How does the Real Estate Act benefit for the Home Buyers?

The following are the benefits for the home buyers under the Real Estate Act, 2016.

  • The builders will not allow charging for the area after the walls
  • In order to build someone else house, the builder will not allow using your money
  • The builders will not allow for delaying the projects
  • The Grievances will redress fastly
  • If the defects found in the house then the builders responsible for that

Real Estate (Regulation and Development) Act Implemented States

After knowing What is RERA Act the following are the states of India are implemented Real Estate (Regulation and Development) Act:

States in India
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State RERA Date of Implementation
HP RERA 28 September 2017
Goa RERA 4 August 2017
Haryana RERA 28 July 2017
CG RERA 26 April 2017
Punjab RERA 8 June 2017
Karnataka RERA 10 July 2017
TN RERA 22 June 2017
Uttarakhand RERA 28 April 2017
Jharkhand RERA 18 May 2017
Raj RERA 1 May 2017
Bihar RERA 1 May 2017
Odisha RERA 25 February 2017
AP RERA 28 March 2017
Maha RERA 19 April 2017
Delhi RERA 24 November 2016
MP RERA 22 October 2016
Daman & Diu RERA 31 October 2016
Lakshadweep RERA 31 October 2016
Andaman & Nicobar Islands RERA 31 October 2016
Dadra & Nagar Haveli RERA 31 October 2016
Chandigarh RERA 31 October 2016
UP RERA 11 October 2016
Gujarat RERA 20 October 2016
Kerala RERA

The Remaining States are in Progress to Implement RERA

The following are the remaining state which is in progress to implement Real Estate (Regulation and Development) Act:

State Government of Arunachal Pradesh
State Government of Assam
Jammu and Kashmir State Government
State Government of Manipur
State Government of Meghalaya
Mizoram State Government
State Government of Nagaland
State Government of Tripura
West Bengal State Government
What is RERA Act
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Register the Real Estate Projects under RERA

You can register your real estate projects under the Real Estate Regulatory Authority by following the simple steps given below:

  • The following valid document copies of approvals, sanctioned plan, commencement certificate, layout plan and many more must submit during the registration process
  • The brand new and existing projects should register under RERA before launch
  • The Agents and also brokers must register under Real Estate Regulatory Authority
  • The resolution of dispute should take place within 06 months of period time at RERA and Real Estate Regulatory Authority Appellate Tribunals
  • The different phases of one project should register differently
  • With RERA the developer’s should share all projects details in the last 05 years which had built by them. Also, they should answer for the projects which delayed
  • On the Real Estate Regulatory Authority portal, the update should maintain regularly
  • If he or she has no fault in building the project then they can be given the max of a one-year extension in order to complete
  • For the project, a certified CA should carry out the audits of annually
  • The land property must be insurance
  • The Real Estate Regulatory Authority projects should complete on time.