Real Estate Regulatory Authority, well known by the name of RERA came into corporeality under the RERA Act 2016 (Real Estate Regulation & Development Act). The RERA Act was put forward with the central aim of protecting property buyers from lopsided and at the same time boosting up the real estate transactions. Its objective is to reform the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline.
It will be the responsibility of each state regulator to register real estate projects and real estate agents operating in their state under RERA. The details of all registered projects will be put up on a website for public access.
Rera registration of Projects of Real Estate Company will ensure flat buyers the authencity of the Project and ensures its timely completion and handover to flat buyers, will increase confidence amongst flat buyers;
Flat Buyer Benefits:
- Delay in project may entitle flat buyers to file complaints for early possession of flat and interest/ penalty on delayed period;
- Delay in project may also entitle flat buyers to demand for refund of advance deposited against the flat;