About RERA

RERA (Real Estate Regulatory Authority) Highlights

The Real Estate Act comes into force in 2016 and makes several provisions for the protection of buyers :

Mandatory to register with the Real Estate Regulatory Authority (RERA): All commercial and residential real estate projects with over 500 square meters or eight apartments shall register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution. For on-going projects which have not received completion certificate on the date of commencement of the Act, will have to seek registration.
Escrow Account: The Act prohibits unaccounted money from being pumped into the sector and the money has to be deposited in escrow bank accounts through cheques. There was a time when the money of project for which the payment was taken, was invested in other projects which ultimately resulted downfall of market. This is now being curbed in this bill.
Clear Clauses: A major benefit for consumers included in the Act is that builders will have to quote prices based on carpet area and not super built-up area. The carpet area has been clearly defined in the Act to include usable spaces like kitchen and toilets.
Real Estate Regulatory Authorities: Real Estate Regulatory Authorities (RERAs) shall regulate transactions related to both residential and commercial projects and ensure their timely completion and handover. Appellate Tribunal shall adjudicate cases in 60 days as against the earlier provision of 90 days and Regulatory Authorities to dispose off complaints in 60 days.
Standard Agreement: Guidelines are being framed to have standard agreement by the builder with similar clauses so that the buyers are not cheated with clauses against them.
Provision for damages for non-completion: The provision for jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine. However, even the consumer courts are taking strong action against builders where interest rate between 10.9% to 18% is answered against builder for his delay and other deficiencies.

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Mumbai: 150 homebuyers register a complaint with MahaRERA against real estate project at Mira Road

Nearly 150 homebuyers have registered a complaint with the Maharashtra Real Estate Regulatory Authority (MahaRERA) against a real estate project at Mira Road which has been stalled for the last four years. Buyers said that the construction work of the project was affected after a dispute among the directors of the company, Kashmira Ceramics Products. According to one of the buyers, the project named Tanvi Eminence, is divided in two phases. It was announced in 2010 with 500 flats and the developer had promised to deliver the flats by 2016, however, the project got stalled in 2013 after a fallout amongst the directors. The buyers will be meeting Chief Minister Devendra Fadnavis and state chief secretary in order to take action against the developer. Buyers alleged each of them had paid an advance of nearly Rs 25 lakh to the developer while booking the flats and most of them are now paying off their loans. Although, only 150 buyers have lodged complaints, there are more than 400 ho

Soon, realtors will have to display 'approved plans' on construction sites

From now on, realtors will have to display approved building plans on the site of their project. In a Supreme Court order, it has been made mandatory, and Consumer forum in Mumbai claims that MahaRERA has agreed to their demand on the same. This they say will help a home buyer in knowing where is he putting his money. A section in the order stated that, "...keeping in mind the provisions of RERA and their objective, the developer should mandatorily display at the site the sanction plan. The provision of sub-section (3) of Section 11 of the RERA require the sanction plan/layout plans along with specifications, approved by the competent authority, to be displayed at the site or such other places, as may be specified by the Regulations made by the Authority. In our view, keeping in mind the ground reality of rampant violations and the consequences thereof, it is advisable to issue directions for display of such sanction plan/layout plans at the site, apart from any other man

Big boost for home buyers: Projects received part occupation certificate to come under MahaRERA

In an order that would set a precedent for future cases related to part occupation certificate, the MahaRERA (Maharashtra Real Estate Regulatory Authority) in an interim order dated September 12 has held that the project will come under its jurisdiction even though it has received part occupation certificate. In its order, MahaRERA implied that having part occupation certificate means the project is not completed. The ruling is very significant as getting part occupation certificate for the projects is quite a trend among the developers in Maharashtra. HIS-ERP.COM “This will be a welcome order for the home buyers. The projects with part occupation certificate will now be considered as ongoing projects. This means, they will now come under the purview of RERA,” said Apurva Kanvinde, senior associate, Juris Corp. The order was passed in a complaint filed by Haresh Jethmal Asher against Bellissimo Crown Buildmart, which is a subsidiary of Lodha Developers. The buyer ha

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