Real estate regulatory authority of India (RERAI):
I understand and welcome the move of introducing (RERA)Real estate regulatory authority of India by the government and the registrations have started and the concept of RERA is already operational.
I have listed a few web links for getting the RERA Registration online process for the respective state:
Karnataka Real Estate Regulatory Authority of India (Karnataka – RERA): https://rera.karnataka.gov.in
Telangana Real Estate Authority of India (Telangana RERA):
Andhra Pradesh Real Estate Regulatory Authority of India (AP-RERA)
GOA Real Estate Regulatory Authority of India (GOA-RERA)
Rajasthan Real Estate Regulatory Authority of India (Raj-RERA)
What is Real Estate regulatory authority?
In order to make things easy for the real estate sector in setting up a regulator, the Real Estate Development and Regulation Bill has been approved by the government of India with certain key amendments. So, this has made home buyers very easy in cheering up for the same. The Bill has made it possible to bring accountability as well as transparency into the sector in the best way. It has been believed that the developers would be benefited as it would make it possible in improving the flow of institutional funds into the sector.
It can be mentioned here that the applicability of the Bill has been extended by the Cabinet through the amendments to Commercial Real Estate as well. It has also brought under the purview of the Bill for the ongoing projects which have failed to receive Completion Certificates. So, it has been made mandatory to get registered within 3 months with the Regulator. This has been said in a release by the Union Government. It has also mentioned that it would not allow any promoters in changing plans and structural designs unless it has made consent of the 2/3rd of consumers of a project. Thus, this modification made by Bill proves to be very important for you in the best way.
It was in the month of August 2013 that the Bill got introduced in Rajya Sabha. Accordingly, it seeks to ensure transparency and accountability in order to help in accessing financial and capital markets which is very important for its long-term growth as well. For those with non-compliance of the orders of Regulatory Authority and Appellate Tribunals, it has been made a punishable offense that has been set under the proposed law. It can also be mentioned that since the year 2009, efforts have been made in order to create a regulatory mechanism for the real estate’s sectors such as telecom and insurance.
Now projects would have to get registered by the developers where all relevant information would get disclosed including the schedule of land status, Pro-forma agreements including all the names and addresses of real estate agents as well. So these along with all the information on architects and contractors has to be set up with the Regulatory Authorities where it needs to comply with the same. The Bill has also made it mandatory for the builder to deposit 50% of funds that have been collected from buyers within a period of 15 days of receiving the money so as to meet the cost of construction.