RERA : Introduction, key questions, Registration

RERA- Real Estate Regulation Authority

Real Estate (Regulation and Development) Act, 2016- i.e REA

What is RERA?

RERA : “REAL ESTATE REGULATION AUTHORITY” established by   Real Estate(Regulation and Development) Act, 2016. An Act, No 16 in the Year 2016.   It contains 92 Sections, Section 2, 20 to 39,  41 to 58,  71 to 78 and Sections 81 to 92  Were first applicable from 01^st May 2016

When Real Estate(Regulation and Development) Act, 2016 Approved by Rajayasabha and Loksabha?

Passed by Rajayasabha on 10 March 2016 and Passed by Loksabha  on 15 March 2016

When Real Estate(Regulation and Development) Act, 2016 received assent of President

IT received the assent of President on 25 March 2016

Is RERA an ACT?

THE REAL ESTATE REGULATORY AUTHORITY (RERA), Established Under- Real Estate (Regulation and Development) Act, 2016
 and the provisions of Chapter V of the Act and contains Sections 20-40.

The RERA Is an Authority

RERA For Builders

It’s a competitive market, and builders/promoter were  loosing the trust of buyers – investors as well as end users.
But due to this Act- Builders/promoters are able to register their project with the Authority and gaining back the trust of  buyers. It help them to boost the slow real estate economy.

RERA For Buyers/Allottees

The allottee shall be entitled to obtain the informations relating to sanctioned plans, layout plans along with the specifications, approved by the competent authority and such other information as provided in this Act or the rules and regulations made thereunder or the agreement for sale signed with the promoter. -19(1)
The allottee shall be entitled to know stage-wise time schedule of completion of the project, including the provisions for water, sanitation, electricity and other amenities and services as agreed to between the promoter and the allottee in accordance with the terms and conditions of the agreement for sale -19(2)
The allottee shall be entitled to claim the possession of apartment, plot or building, as the case may be, and the association of allottees shall be entitled to claim the possession of the common areas, as per the declaration given by the promoter -19(3)
The allottee shall be entitled to claim the refund of amount paid along with interest at such rate as may be prescribed and compensation in the manner as provided under this Act, from the promoter, if the promoter fails to comply or is unable to give possession of the apartment, plot or building, as the case may be, in accordance with the terms of agreement for sale or due to discontinuance of his business as a developer on account of suspension or revocation of his registration under the provisions of this Act or the rules or regulations made thereunder-19(4)
The allottee shall be entitled to have the necessary documents and plans, including that of common areas, after handing over the physical possession of the apartment or plot or building as the case may be, by the promoter-
19(5)

What is the role of RERA?

Extracts taken from section 34 of the Real Estate Act:-

◦to register and regulate real estate projects and real estate agents registered under this Act
◦to publish and maintain a website of records, for public viewing, of all real estate projects for which registration has been given, with such details as may be prescribed, including information provided in the application for which registration has been granted
◦to fix through regulations for each areas under its jurisdiction the standard fees to be levied on the allottees or the promoter or the real estate agent, as the case may be
More Role of RERA

35- Powers of Authority to call for information, conduct investigations.
36. Power to issue interim orders.
37. Powers of Authority to issue directions.
38. Powers of Authority.
39. Rectification of orders.
40. Recovery of interest or penalty or compensation and enforcement of order, etc

Is RERA applicable all over India?

YES

What is RERA approve Project?

The project to whom registration under Section 5 of Real Estate(Regulation and Development) Act, 2016 has been granted

State wise list who notified RERA-Real Estate(Regulation and Development) Act, 2016

30 States/UTs have notified rules under RERA; 4 North Eastern States (Arunachal Pradesh, Meghalaya, Nagaland and Sikkim) are under process to notify the rules.

30 States/UTs have set up Real Estate Regulatory Authority (Regular – 23, Interim – 07) (Lakshadweep is under process to establish).

25 States/UTs have set up Real Estate Appellate Tribunal (Regular -17, Interim – 08) (Assam, Himachal Pradesh, Kerala, Mizoram and Lakshadweep are under process to establish).

Regulatory Authorities of 26 States/UTs have operationalised their websites under the provisions of RERA. (Assam, Lakshadweep, Manipur & Puducherry are under process to operationalize).

48,692 Real Estate Projects and 38,261 Real Estate Agents have registered under RERA across the country.

41,260 Complaints have been disposed-off by the Real Estate Regulatory Authorities across the country.

State Wise List who notified 

Gujarat                                       29 October 2016
Uttar Pradesh                            11 October 2016
Chandigarh                                31 October 2016
Dadra and Nagar Haveli            31 October 2016
Andaman and Nicobar Islands  31 October 2016
Lakshadweep                             31 October 2016
Daman and Diu                          31 October 2016
Madhya Pradesh                        22 October 2016
Delhi                                          24 November 2016
Maharashtra                              19 April 2017
Andhra Pradesh                         28 March 2017
Odisha                                       25 February 2017
Bihar                                          1 May 2017
Rajasthan                                   1 May 2017
Jharkhand                                  18 May 2017
Uttarakhand                              28 April 2017
Tamil Nadu                                22 June 2017
Karnataka                                  10 July 2017
Punjab                                       8 June 2017
Chhattisgarh                             26 April 2017
Haryana                                    4 October 2018
Assam                                       6 May 2017
Telangana                                 4 August 2017
Himachal Pradesh                    28 September 2017
Goa                                          24 November 2017
Tripura                                     27 October 2017
Puducherry                              18 July 2017
Kerala                                      18 June 2018
Manipur
Mizoram                                 15 March 2019