Real estate regulation and development Act

RERA Act “Real estate regulation and development “ Act 2016, has come into effect on 1st may 2016. Under this new act customers/investors are given protection against defaulting and fraudulent promoter/developers. There by this act has intended to provide complete protection to the investors/customers. Under this act, each and every project which is measuring more than 500 sq mtrs or having more than 8 flats/apartment including all the phases/blocks have to be compulsorily registered with RERA. Unless such a registration is done no sale shall be conducted of the project. That such a project should have all approvals and permissions from all the concerned local authorities. With out such permissions such project will not be registered. Registration of a project will be done with all documents supported by a declaration. If there is any violation of the provisions of this act shall be liable for punishment. Thus promoter/developer cannot do malpractice or fraud in selling apartment. Plot or building of his project. Other wise the defaulter will be held liable for punishment.
Therefore this act regulates the real estate sector, thereby promises customers/investors assuring safety of their investment. It also boosts the real estate sector & those who are doing business with all compliances will stand and those without compliances will fail thereby it controls those doing business to grab money by fraud & malpractice will be out of business.

Leave a Reply

Your email address will not be published. Required fields are marked *