RERA Consultancy at a glance
- What it is
- The Real Estate (Regulation and Development) Act, 2016 requires most real estate projects and agents to register with the state Real Estate Regulatory Authority and follow its disclosure, escrow and reporting rules.
- Who it is for
- Developers, promoters and real estate agents – and buyers who want to verify a project.
- How Early Grow helps
- We help with project and agent registration, quarterly updates and compliance with the state RERA's requirements.
- Next step
- Book a free consultation or call +91 93541 57455.
ALL ABOUT RERA ACT
RERA refers to the Real Estate (Regulation and Development) Act, 2016 and the Real Estate Regulatory Authorities that each state and union territory has set up under it. The Act protects home buyers and brings transparency to real estate projects by requiring registration of projects and agents, disclosure of project details, and use of a separate account for buyers' money.
The Act received Presidential assent on 25 March 2016. It has 92 sections: 59 sections came into force on 1 May 2016 and the remaining sections on 1 May 2017. Each state notifies its own rules and runs its own RERA portal – for Noida and the rest of Uttar Pradesh, that is UP RERA.
Before booking a property, buyers should check the project's registration number and details on the relevant state RERA portal.
WHY IS RERA IMPORTANT?
RERA offers various benefits to agents, promoters, and home buyers. This has somehow changed the situation by providing huge benefits to the real estate sector. Here are some top reasons that justify its importance:
Security
According to the Real Estate Regulation and Development Act 2016, an amount equal to 70% of buyers and investors is kept in a separate account. In addition, this amount is provided to the builder for special purposes such as the cost of construction and other costs related to the land. Regardless of your status as a developer or builder, you are allowed to use 10% of the cost of the mortgage as a down payment. This amount will be allowed before signing the final contract.
Transparency
The builder is obliged to agree with all the main documents related to the completed project. However, the manufacturer is not allowed to make any changes to the agreed plans, especially without the consent of the buyer.
Fairness
RERA has made the developers aware of the fact that all the properties that are completely marked in carpet areas have to be sold. Due to the old super urban area of the property, if the RERA-approved project is delayed for any reason, the buyer is allowed to claim the entire amount paid originally invested in the property. The buyer has the right to withdraw the investment as a monthly investment amount.
Quality
The builder is obliged to compulsorily solve all kinds of problems faced by the buyer within five years after the purchase of the property. In addition, the manufacturer must correct the problem within a limited period of 30 days from the date of filing the complaint.
License
Regulatory Authority cannot advertise, build, sell, or even reserve land without actual registration with the RERA Regulatory Authority. After registering as a regulator, all advertisements submitted for a particular investment will be assigned a unique number. It varies per project and is generated by RERA.
States and Union Territories where the RERA website is operational
The Real Estate (Regulation and Development) Act, 2016 (RERA) was introduced to bring transparency and accountability to the real estate sector in India. RERA ensures that all stakeholders in the real estate sector are protected and the interests of buyers are protected.
Types of projects subject to RERA law, 2016
- Residential and commercial projects, including plot development
- Projects with a construction area of more than 500 square meters / 8 units
- Projects started before RERA Act without a completion certificate
- Projects meant for renovation, repair, or redevelopment without reallocation
- Each phase of a project is treated as an independent real estate project
Features of real estate law
RERA was initially established to increase overall accountability and transparency in all housing and real estate transactions.
- Each state has a Real Estate Regulatory Authority
- RERA-approved projects must be registered
- Penalties for non-compliance with RERA rules
- Buyers can claim compensation for defective land titles
- Fines and imprisonment for violations under RERA
BENEFITS ASSOCIATED WITH RERA
- Standardization of carpet area calculation
- Reduction in risk of bankruptcy
- Limited prepayment requirement
- Compensation rights for buyers in case of incomplete titles
- Grievance redressal through RERA authorities
THESE ARE RIGHTS OF BUYERS UNDER RERA ACT
- If defects appear within five years, the builder must fix them for free
- Buyers can request a full refund if the builder fails to meet promised conditions
Impact of RERA on Real Estate Industry
- Initial slowdown in project launches
- Increase in project costs
- Liquidity restrictions for developers
- Higher compliance costs
- Faster dispute resolution
Official references
Frequently asked questions
- Helping you get your project registered.
- Ensuring you meet all the necessary legal requirements.
- Supporting you in solving any disputes that might arise between builders and buyers.
Trust: Your project gets official recognition for following the law.
Protection: It gives you a legal way to handle any issues that may arise.
Transparency: Buyers can see all the details, timelines, and costs upfront.
- Fill out the application form online with your project details.
- Upload necessary documents like plans, approvals, and legal titles.
- Pay the registration fee.
- Wait for approval – RERA will review and give you a registration number.
Talk to an Early Grow adviser
Tell us what you need and we will explain your options, the documents required and the next steps. The first consultation is free.