With objective to protect both home buyers and developers interest Real Estate (Regulation and Development) Act, 2016 (RERA) was established to increase transparency and organised and a uniform regulatory environment in the real estate related transactions. RERA has no doubt brought about a paradigm shift in the real estate landscape.
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Developers have been given time until the end of July 2017, to register their projects under RERA. Likewise, real estate agents, who also fall under its ambit, are still in the process of registering themselves.
How does REAR help buyers?
Registration of all projects: To act has made it mandatory for all the developers to register existing as well as a new project with authority before launching or advertising it (separate registration for different phases of the same project).
This has strengthen the market sentiment about the real estate sector as a whole.
Increased transparency about transactions: The developer under this is required to give out all details of a project such as cost of land, development agreement, cost of construction, sanctioned plans, covered parking lots, and open spaces, among others. He is also required to provide ‘full and true’ disclosure in terms of details of projects undertaken in the last 5 years with timelines and reasons for delay and other details.
Selling Apartments on carpet Area Basis: The Act has made it mandatory to sell the apartments only on the carpet-area basis and has put a stop on the current practice of selling on a full and super built-up area basis.
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