The Real Estate (Regulation and Development) Act, 2016 (RERA) was passed in parliament in March 2016 and remaining provisions came into force on 1st May, 2017. According to RERA, each state and Union territory will have its own regulator and set of rules to govern the functioning of the regulator.
It seeks to bring clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders. RERA exists, essentially, to address issues like delays, price, quality of construction, title and other changes in real estate dealings.
We, at Sutaria Associates, offer services in:-
- Registration to this recently enforced Act which is mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments.
- Clarifying the RERA rules notified by various State Governments
- Providing easy understanding of various guidelines of the Act.
- Being well-versed with the requirements of the Act, we help clients with the procedural aspects of the Act, compliance work as well as filling forms for complaints, etc.
- We also offer opinion on related concerns including: the advertisement of prospectus by promoters, acceptance of advances from allottees and alterations to be done to plots, transactions related to both residential and commercial projects, etc.
- o Offering insights on laws concerning stage-wise completion of projects, any penalties due to non-compliance with sale agreement
- Establishing better promoter-buyer relations through RERA’s online portal [meraRERA] for monitoring flow of information, etc.