The Real Estate (Regulation and Development) Act, 2016 is an Act to protect home-buyers as well as help to boost investments in the real estate industry. The Act has established the Real Estate Regulatory Authority (RERA) in each state for regulation and adjudication of disputes.
When to Register
RERA registration is applicable on promoters, project and real-estate agents subject to certain conditions –
- All residential and commercial (including plotted development) real estate projects are covered under RERA.
- All residential and commercial projects exceeding 500 square meters or more than 8 units/apartments have to mandatorily register with RERA.
- All the ongoing projects without Completion Certificates need to apply for RERA registration within 3 months.
- Real Estate Agents who facilitate selling or purchase of properties require RERA registration to continue to work as Real Estate Agents (First Registration then work as Real Estate Agent).
Failure to apply for RERA registration attracts a penalty up to 10% of the project cost or 3 years imprisonment may be imposed.
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This information is in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Mind Sync does not accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any information provided herein. On any specific matter, reference should be made to the appropriate advisor.