What’s all about RERA in India

The Real Estate (Regulation and development ) Act 2016, has been implemented by the government of India. As per the RERA, all states must and should appoint a real estate regulatory authority to ensure the purposes of the act are fulfilled and this has brought a major change in the industry and RERA   impacts Home buyers, let’s go through..

History of Rera

In January 2009 a law was proposed to regulate the real estate industry by National conference of the minister of housing urban development and Municipal affairs. After many years finally, Real Estate Regulatory Authority bill was introduced by UPA government in 2013 and in 2 years union cabinet of India had approved 20 amendments to the bill based on the recommendations of Rajya Sabha committee and then it was passed by both the houses and approved by the president of India in March 2016.

RERA Act in  India

The Real estate  (Regulation & Development ) Act is set to become effective across all the states from 1st May 2017.

RERA Act in Telangana State 

The government of Telangana notified the Telangana state real estate  (Regulation and development ) rule 2017 vide G.O.H.S.NO.202, Dated 31st July 2017 to have regulation and promotion of real estate sector in Telangana state and rule came into force from 4th Aug 2017.

Objective of RERA

The main objective of RERA is to protect customers especially through the period of the construction of the project, here are few purposes of RERA Act

• To establish regulation and promotion of the real estate sector
• To ensure Transparency and efficiency in selling real estate
• To protect the interest of consumers and establish transparency in buying flats through the builder
• To publish and maintain all the records of builders or real estate projects so that agents or public can view the same

Who all will come under this RERA Umbrella

Following people from the real estate Industry need to register must and should

• Builders
• Real Estate Agents
• Companies who sell Flats/ Plots/Lands.

RERA Advantages for citizens/ Buyers

Under RERA citizens shall be provided following services

• Complaints Filing
• Online Access to get project details

with above advantages, any buyer/citizen will know the time to time updates about the project and if any issues in construction or possession extension, buyers can always make a complaint and therefore action will be taken accordingly, and few other advantages are as follows

1. To standardize all real estate transactions
2. To bring More transparency
3. To setup grievance readdressed form
4. To protect the interest of Consumers / Builders/Intermediaries
5. If any Minor changes or alterations, information would be provided upfront to the buyer

RERA Advantages for promoters 

Under RERA promoters shall have to register all commercial and residential real estate projects with TSRERA, except

• Area of land proposed to be <500 square meters.
• The number of apartment proposed to be developed does not exceed eight inclusive of all phases.
• permissions were approved prior 1st January 2017.
• Which does not involve Marketing /Promotion/Advertising/sales and there on only working on renovation /redevelopment

Without TSRERA registration no project will be legally liable for construction /selling/buying, and no prior launch or promoting through advertising or by any such means before registration.

VERDICT

So the good news would be for home buyers where there are many benefits in buying a new Home/ land as builders, companies and real estate agents are not eligible to give any kind of false information during the buying process.

So Plan for a new home purchase in which Builders / Companies/ Agents whom they registered under TSRERA, and if you are planning to buy a second or preowned flat, we at homecheck help you to do the diagnosis of your flat and check the condition and quality and gives you complete home inspection report.