Is RERA mandatory for all builders of Residential Apartment projects?
Buying a property isn’t so easy in India. This had its adverse impact
on developer’s progress, banker’s interests and customers’ confidence. With economic in the aftermath of globalization in India, there emerged the need for potential avenues for investment. All dealings in buying and sale of land, buildings and property had to be streamlined.
So, to ensure safe, secure and transparent procedure in buying of property the Real Estate (Regulation and Development) Act of 2016 was introduced by Government of India. Going forward all commercial and residential projects with 8 units and more are placed under the ambit of RERA. The interests of all the stakeholders, the investors, landlords, and tenants are protected by RERA.
With July 31, 2017 as the deadline for registration of projects under RERA, all residential and commercial projects not registered under RERA are now deemed illegal. The details of commercial and residential projects are mentioned on RERA portals. The builder/developer has to provide details on,
- Number of units & floors
- Number of units sold or unsold every three months
The developer has to deliver what he promised to buyers as mentioned in the sale agreement, including adherence to the completion schedule. The Real Estate (Regulation and Development) Act of 2016: Important points to note.
a) Every project where the area of land proposed to be developed exceeds 500 square metres, or the number of apartments proposed to be developed exceeds 8, inclusive of all phases;
(b) Where the promoter has received completion certificate for a real estate project prior to the commencement of this law;
(c) Any project other than that where renovation or repair or re-development is undertaken, provided that this does not involve marketing, advertising, selling or new allotment of any unit, plot or building, as the case may be, in that real estate project.
**All the residential and commercial projects of Ayyanna Infra are RERA compliant only.