The Real Estate (Regulatory and Development) Act, 2016 also known as RERA Act, was enacted on March 26, 2016 and was enforced on May 1, 2016. It is known as one of the landmark legislation, as before this there was no dedicated regulation regulating the Indian Real Estate Sector.
Salient Features of the RERA Act, 2016
Broadly speaking, the salient features of the RERA Act are:
- Establishment of Real Estate Regulatory Authority
- Important Definitions such as built up and super built up area. Built up area includes the actual usable area of the plot plus the inner and outer walls. Super Built up area includes the built up area and the additional common area around the plot like lobby, lift space etc.
- Top of Form
- Registration of Real Estate Projects and Registration of Real Estate Agents
- Mandatory Public Disclosure of all project details.
- Functions and Duties of Promoter
- Compulsory deposit of 50 percent amount
- Adherence to declared plans
- Functions of Real Estate Agents
- Rights and Duties of Allottees – The allottee is liable to make necessary payments as stipulated under the agreement and shall also pay his share of municipal taxes, electricity charges, rent and other charges.
- Functions of Real Estate Regulatory Authority
- Establishment of Real Estate Appellate Tribunal
- Punitive Provisions
- Bar of Jurisdiction Courts
- Power to make Rules and Regulation
For more information on RERA Act and complaints under RERA act please write to us at firstname.lastname@example.org or submit a query.
Read more about the regulations related to Real Estate Sector in India by clicking on the link below: