RERA stands for Real Estate Regulatory Authority. It is a term related to Law & Legal, Useful Terms and Definitions which we use in daily life but we do not know their full name meaning, Here’s a list of important abbreviations that you should know.
|Real Estate Regulatory Authority
Full Form of RERA
The full form of RERA is the Real Estate Regulatory Authority. The Real Estate (Regulation and Development) Act, 2016, (RERA) is an act passed by the Indian parliament.
The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector. While the Rajya Sabha passed the RERA bill on March 10, 2016, an approval from the Lok Sabha came on March 15, 2016.
The act then came into force from May 1, 2016. While 59 of its 92 sections were notified on May 1, 2016, the remaining provisions came into force from May 1, 2017.
Here you learn the full name and complete information of Real Estate Regulatory Authority, if you have questions and answers related to RERA, then tell us your thoughts in the comment, know the complete meaning of RERA in this article.
Benefits of RERA for Homebuyers
- The builders provide details of the project on the website of the authority of their state and update it on a regular basis.
- The buyers will pay on the basis of carpet area (area within walls).
- The 70 % of the money collected from the homebuyers has to be transferred in a separate bank account, and it should be used only for completing the project
- In case of delay in the completion of the project, the builder is required to pay an interest rate of 2% above SBI’s Marginal cost of lending rate to the buyers for the delayed period.
- The builder will be responsible for any defect in the building for five years.
- The disputes between builders and buyers need to be resolved within 120 days.
Impact of RERA Act
After the Real Estate (Regulation and Development) Act, 2016 enforcement, registration of sale deed of a project unit cannot be done in the office of the sub-registrar without obtaining Occupancy Certificates or Completion Certificates. At present, unit registrations are taking place without checking.
It is occurring without obtaining Occupancy Certificates or Completion Certificates. No one is bothered about the legal consequences.
The Department of Stamps & Registrations know about the RERA Act implications but they have not taken necessary steps to stop the unlawful sale deed registrations of such properties.