All you need to know about RERA!


On 26th March 2016 RERA – The Real Estate (Regulatory and Development ) Act came into existence. What importance does it have from a buyer’s point of view? P.S – It is crucial. 

The real estate sector in India has been a rapidly expanding sector. But, there has always been a major flaw in the sector, i.e.the unorganized and the unregulated nature of functioning. Every year, there are frauds by real estate developers, who promise big and deliver either substandard apartments/buildings than promised or many a times don’t deliver at all. Buying a home in India is considered as a major goal by families here. Life earnings are spent to buy a house, since, buying a house is not a regular affair, in major part of India. With RERA, a lot of things are about to change. 

RERA was passed by RAJYA SABHA on March 10,2016 and the Lok Sabha on March 15 2016.  59 of 92 provisions notified by 1 May 2016 and remaining by May 1 2017.  Under the Act, the central and state governments, are required to notify their own rules under the Act, six months, on the basis of the model rules framed under the central Act.ByJuly 31, 2017, 23 states and union territories (UTs) have either established their permanent or interim regulatory authorities.

Being one of the top Real Estate developers in Zirakpur.We take it as our responsibility to keep our buyer and prospect buyer well informed and protected. 

Few of the benefits that RERA brings in for buyers are-:

Informing the allottees about any minor addition or alteration in the work.

RERA, is the first regulatory body to look over real estate transactions like SEBI for stock exchange. Which can be reported for any discrepancies.

Consent of 2/3rd allottees about any other addition or alteration in the work.

No launch announcements or advertisement before registration with RERA.

Consent of 2/3rd allottees for transfer of majority rights to a 3rd party.

Sharing information project plan, layout, government approvals, land title status, sub-contractors.

Increased assertion on the timely completion of projects and delivery to the consumer.

An increase in the quality of construction due to a defect liability period of five years.

Formation of RWA within specified time or 3 months after majority of units have been sold.

The Agent/ broker must obtain a certificate under RERA.

The advertisement of project must have RERA number on it visible well. 

To prevent time lags, the authority has been mandated to dispose applications within a maximum period of 60 day

With passage of time things are certain to settle and get more reformed. With RERA  standardization and transparency will develop in the Real Estate Sector. It’s a good time to be a buyer now and invest in your dream home with one of the best builders in Zirakpur. 

Location: La Prisma - Nagla, Road Chandigarh - Ambala Highway, Zirakpur, India, Punjab 140603, India

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