RERA : Whats is RERA (Real Estate Regulatory Authority) Part 1

RERA : Whats is RERA (Real Estate Regulatory Authority)

 What is RERA = Real Estate Regulation & Development Act 2016 ( Part 1 )

 Every State and Union territory has its own RERA

Why RERA (Objectives of RERA)

https://tax4wealth.com/watch/rera-whats-is-rera-real-estate-regulatory-authority-part-2_VMXdLnz3QAANKSF.html

Real estate industry was unregulated
It will Improve Taxability, Accountability, governance
 Cheating with buyers , Delay in Possession, Quality Issue in buildings
 Now there would be Authority and Appellate tribunal in every State and UT

 Applicability of RERA

Hence in order for a project to be “applicable” under RERA:

 Intention to sell/book/advertise and
1. Land area should be more than 500 sq meter or
2. Units should be more than 8 and
3. Completion certificate should not have been received as on 1st May 2017.

 Provisions of RERA are applicable to Primary Market only.

Advantages of RERA

1. selling on basis of Carpet Area & not on super built-up area
2.  each project should have a separate bank account
3.  After sale service of five year
4.  No change is plan without Approval of 2/3 allottees
5.  Consent of 2/3 allottees is required for transferring major rights


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