Harshit Batra
Quick Summary
The Real Estate (Regulation and Development) Act (hereinafter referred to as the Act) came into force in 2016 with an objective to regulate the capital intensive market of the Real Estate Sector. It establishes an authority (Real Estate Regulation Authority) (hereinafter referred to as the Authority
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FAQ :
The primary objective of the RERA Act is to regulate the capital-intensive real estate sector and protect the interests of buyers, while also promoting accountability for promoters.
Promoters must enter into a written agreement for sale, register it, adhere to sanctioned plans, obtain completion and occupancy certificates, form allottee associations, and deliver possession by the agreed date. They are also responsible for rectifying defects for five years and paying project outgoings until possession is handed over.
Allottees must enter into a written agreement for sale, make payments as per the agreement, become part of the allottee association, and take physical possession of the property within two months of the occupancy certificate being issued. They also need to participate in the registration of the conveyance deed.
If a promoter fails to deliver possession by the specified date, they are liable to compensate the allottee. The allottee can choose to withdraw from the project and receive a refund with interest, or opt to stay and receive interest for the delay period.
Promoters must provide completion and occupancy certificates, the conveyance deed, necessary sanctioned plans, and documents related to common areas. For projects on leasehold land, a lease certificate is also required.
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