RERA Registration

Real Estate Regulatory Authority (RERA) Registration is an apex regulatory body to control the affairs of Real Estate Industry in India and protect the interests of Real Estate buyers & investors.

The RERA was very recently established on 1st May 2016 after passing of the Real Estate (Regulation and Development) Act, 2016 in the Parliament. the main objective of the RERA Registration is to ensure complete transparency of real estate developers, contractors, builders, agents, brokers & property dealers and to ensure the safety of the investors’ funds.

Overview of RERA Registration

In India, the Real Estate Sector plays a significant role in satisfying the demands and needs for affordable infrastructure and housing. Hence, this sector acts as a tower of strength for our Indian Economy. It is noteworthy to take into consideration that although this industry has grown-up considerably in recent years. However, prior to RERA 2016, this sector was mainly unregulated, with a lack of professionalism, transparency, standardization, and most importantly consumer protection. Also, there were no sectoral regulator for this sector like SEBI, TRAI, IRDAI, etc.

The Real Estate (Regulation and Development) Act, 2016, (RERA) was enforced on 01 May 2016. The RERA Act was implemented to bring accountability, transparency, and unambiguousness to the real estate sector. Due to this Act, it is now obligatory and compulsory not only for all the Real Estate Projects but also for the Real Estate Intermediaries and Agent to get themselves registered under this act, i.e., obtain RERA Registration.

Benefits Of Rera Registration

Transparency in realty projects:The main objective behind the introduction of the RERA Act was to ensure full transparency in the real estate projects.

Full disclosure of project details: Developers having RERA registration has to post all details like project-plan, layout, govt. approvals, etc. which is then passed to buyers.

Prompt complaint management:All complaints or grievances regarding any builder, developer or real estate agents is directly redressed by RERA.

Wide coverage:RERA registration covers all commercial & residential projects. Besides, there is separate RERA registration for agents and builders,

Builder's Credibility: No doubt, the RERA registration gives assurance of the credibility of the builder. Generally, buyers prefer to deal with the builders who have RERA registration.

Complete information of Builder:RERA registration allows the buyers or investors of real estate to be able to get full details related to the builders or developers.