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The Real Estate (Regulation and Development) Act, 2016 (RERA), has been one of India’s first regulatory section. This is an Act passed by the Indian Parliament. Intending to protect the interests of home buyers and enhance transparency in the real estate sector, RERA seeks to usher in clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders.
What is RERA and how will it impact the real estate market?
As per RERA, each state and Union territory will have its own regulator and set of rules which will assist in governing the functioning of the regulator. RERA has been formed to address the issues pertaining to grievances such as delays, price, quality of construction, title and other changes. It seeks to protect the interests of home buyers and also boost investments in the real estate sector.
Some of the key themes in RERA Act include:
Additionally, it also provides a unified legal regime for the purchase of apartment or flat, which is one of the most influential attributes of the Act. Furthermore, there are few other compliances for builders which include:
How to check registration status?
You can visit the RERA website of your respective state. Under search field you can put the RERA number provided by your builder. If the project is registered with RERA, you will be able to view all the information that your builder has submitted to the respective authority.
It is always advisable to do a thorough check on the details provided regarding the real estate project. This will be significantly beneficial when it comes to applying for a home loan.
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