The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament to protect the interests of home buyers and also boost investments in the real estate sector.
A complaint under the RERA, is required to be in the form prescribed under the respective states’ rules. The complaint can be filed with respect to a project registered under RERA, within the prescribed time limit, for violation or contravention of provisions of the act or the rules or regulations framed under RERA.
Buyers can check the RERA registration number from the respective states’ portal. Every web portal has a list of registered projects along with RERA registration number, approvals and other documents.
Usually, RERA approved means RERA registered. There are few guidelines that every builder has to follow to register its project with the authority. This includes approvals, land titles, insurance etc.
According to the RERA, carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
RERA protects the interest of homebuyers and investors by making the real estate market organized and transparent. Almost 70 per cent of the total real estate projects in the country are covered under RERA jurisdiction.
Property agents and builders can apply for RERA registration on respective states’ RERA portals under individual’s name or entity’s name. All requisite documents have to be submitted to the authority for getting registered.
If the developer does not comply with the RERA order and fails to enforce the order passed by the regulatory authority in favor of the homebuyer, the homebuyer has the right to file an application for the execution of the order against the developer with the same RERA Authority.