Need Help to understand more about RERA

Nihal Anand Shettigar,

8th March 2018

Legal in Bangalore

real estate regularity authority

real estate regulatory bill highlights

real estate (regulation and development) bill

rera

rera rules

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get full consultation on rera license registration for builders and agents. Inquire at 8586806283 or visit our website GSBtaxation

Pulak GSB,

31st July 2018

Comment

The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector. The Rajya Sabha passed the RERA bill on March 10, 2016, followed by the Lok Sabha on March 15, 2016 and it came into force from May 1, 2016. 59 of its 92 sections were notified on May 1, 2016 and the remaining provisions came into force from 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.
For long, home buyers have complained that real estate transactions were lopsided and heavily in favour of the developers. RERA and the government model code, aim to create a more equitable and fair transaction between the seller and the buyer of properties, especially in the primary market.

For further updates, visit www.unplanpropertycare.com

Unplan Social,

10th May 2018

Comment

Hope, I have provided you lots of information on RERA Karnataka. For detail information, you can click this link or open in a new tab. This is Karnataka Govt site where you will get all the information of RERA in detail way. https://rera.karnataka.gov.in/aboutUs

Yogendra, Bangalore

9th March 2018

Comment

Hello Nihal,
The Real Estate Regulation and Development (RERA) Act, 2016 is considered as one of the landmark legislations passed by the Government of India. Its objective is to reform the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline.

Salient Features of RERA Act, 2016- 1) To appoint one or more adjudicating officers to settle disputes and impose interest and computation, 2) Mandatory registration of real estate projects and real estate agents who intend to sell any plot, apartment or building, with the Real Estate Regulatory Authority, 3) Mandatory public disclosure norms for all registered projects like details of the promoters, layout plan, plan of development works, land status, status of the statutory approvals, disclosure of proforma agreements, disclosure of names and addresses of real estate agents, contractors, architect, structural engineer etc.,4) Disclosure of relevant project details.

Yogendra, Bangalore

9th March 2018

Comment

Apart from that, compulsorily deposit of 70 percent (or such lesser percent as notified by the Appropriate Government) of the amounts realized for the real estate project from the allottees in a separate account in a scheduled bank within a period of 15 days to cover the cost of construction to be used for that purpose. Adherence to approved plans and project specifications as approved by competent authorities. Rectification of structural defects within two years of possession. Refund of money in cases of default or if buyers want to cancel the deal. Real estate agents to sell properties registered with the Authority. Not to involve in any unfair trade practices. Maintain books of accounts, records, and documents.Claim possession as per promoter declaration. Obtain refund with interest for default by the promoter. Allottees to make payments and fulfill responsibilities as per the agreement. Fast track dispute resolution through adjudicating officers (Joint Secretary to State Government

Darshan Shetty, Bangalore

9th March 2018