RERA (Real Estate Regulatory Act) will be applicable from 1 May

To protect the rights of consumers, the Real Estate Act RERA (Real Estate Regulatory Act) will be applicable from 1 May 2017.

With the promise of security of consumers rights and transparency, the much-awaited Real Estate Act RERA is being implemented from May 1, 2017. However, till now only 13 states and Union Territories have notified these rules. While mentioning the implementation of the consumer-centric act, the government has described it as the beginning of an era where the consumer will be all.


Know Important things related to RERA:

• Companies related to real estate business have also welcomed the implementation of this act. They say that this will change the way the works of Indian real estate sector work.
• The government has introduced this law to protect home buyers and to encourage real private players.
• The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year and will be effective from 1st May, 92 streams related to this Act will be effective.
• Urban Development, Housing and Urban Poverty Alleviation Minister M. Venkaiah Naidu said, "After the long wait of 9 years, real estates law is going to come into force and this is the beginning of a new era. The law will give to the buyer, that is, he will be the king of a sector. On the other hand, developers will also benefit from increasing customer confidence in a regulated environment. This act will ensure very much desired accountability, transparency and efficiency in the area and this law has defined the rights and obligations of buyers and developers. "
• Developers will now have to complete the ongoing projects, which have not received complete certification. Also, registration of new launcher projects will be done within three months.
• Under Rare, it is mandatory to create an authority for all states and Union Territories.
• However, only 13 states and Union Territories have notified the law under Rare. These states include the Uttar Pradesh, Gujarat, Odisha, Andhra Pradesh, Maharashtra, Madhya Pradesh and Bihar.
• The Housing Ministry had notified the legislation last year for Andaman and Nicobar islands, Chandigarh, Dadar and Nagar Haveli, Daman and Diu and Lakshadweep. At the same time, the Urban Development Ministry had notified the legislation for the National Capital Territory of Delhi.
• A total of 76,000 companies are included in the Indian Real Estate area.
• In addition to the compulsory registration of projects and real estate agents, some of the key provisions of this Act include creating a separate bank account for the project to deposit 70% of the money collected from the buyer. It will ensure completion of the project at the time as funds can be withdrawn only for construction purposes.

source:  jagran