RERA WITH REAL ESTATE

Since the RERA has approached, the experts are seen busy knowing the ins and outs of this regulatory act. The act is also said to impact the affordable housing projects along with other commercial and residential projects.It’s mandatory for all the states to inculcate this act as per the government orders. Most of the states have initiated and are busy showcasing their RERA certified projects. However, there are states that are yet to come up with any statement regarding this amendment. Thus, the government has now directly asked all the states to establish RERA in their guidelines. The central government is persuading the state authorities to implement the Real Estate Regulatory Act which is said to turn the corner for the whole of the real estate climate.  Without a regulatory act like RERA, the real estate segment is null and void which makes the investors hesitate while coming forward for new investments. The RERA will not allow the unregistered projects to woo the buyers by coming up with convincing advertisements.

The newly introduced law, “Real Estate (Regulation & Development) Act”, came into action on 1 May 2017. This amendment had to come into force to ensure the transparency and proper law in the real estate sector. The ministry of housing and urban poverty alleviation had initially prepared the framework paper on  lawfully handling the real estate sector. Model law was then prepared for legislation by states and Union Territories in May 2008. This  Act, will ask  developers to update information about their ongoing and unreconstructed projects on the RERA’s website. Projects that have not received the completion certificate or are not registered with the regulatory bodies till the end of July would be under the raadar. Projects whose plot size of a minimum 500 sq.mt. or eight apartments need to be registered with regulatory authorities. The act suggests that any certificate issued by a capable authority to claim that the real estate project has been developed according to the sanctioned framework, layout plan and detailing, as approved under the local laws, is a completion certificate. This certificate denotes that the housing project is ready in all aspects and is ready for living. The concerned municipal authority gives the document after examination of the project. The certificate contains all information of the project, such as details of the plot or land on which it has been constructed, its location, dimension of the building (height and covered area), adjacent building or plot, distance from the road, name of the developer or builder, whether the builder has adhered to the building plan, building by-laws, and rules and regulations set by municipal authorities.
“Before buying a house or property, you should make sure that it has a completion certificate and one should also keep a copy of it before going for the possession. And to add,

 ONLY REGISTRATION IN RERA DOES NOT MEAN THAT THE DEVELOPER AND ITS PROPERTY IS NEAT AND CLEAN , THE BUYER STILL NEEDS TO DO HIS/HER HOMEWORK BEFORE MAKING ANY CONCRETE DECISION.

 People should know that the completion certificate is the most important part so buyers shouldn’t miss it. The project’s completion certificate also denotes that the construction has been done considering all the safety measures and the project is entirely appropriate for living. We are making sure that our projects stay RERA certified as we are open to update information regarding our projects on the RERA’s website. Being a Financial Adviser  we have also paid special attention towards the transparency so we would be in line with the regulations related to RERA before advising any property to our clients 

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