Real Estate (Regulation and Development) Act 2016

Real Estate (Regulation and Development) Act 2016 cleared in March, 2016. States will notify realty rules and set up RERA (Real Estate Regulatory Authority). Without notifying the rules, law will not become operational.

Just 13 states of 32 have notified the rules- Gujarat, UP, AP, MP, Odisha , Delhi.

Only MP has set up RERA,

Interim Regulators- Kerala, Maharashtra, Punjab, Rajasthan, Haryana, Delhi

What you need to know about the Realty Law

1.       Above 500 sq .m , Builder to register with RERA before launching or advertising .
2.       Not doing it 3 years fine, fine upto 10% of total project cost.
3.       Developer have to  upload all documents given regarding project.
4.       Developers who fulfill disclosure clause can advertise projects.
5.       Real Estate Appellate Tribunals in Every state.
6.       Now consumer can go to RERA straight.
7.       Developers will put 50% of buyer’s money in separate account for construction.
8.       More housing units to market. Stabilize and regulate.
9.       Fly-by-night investors and channelize investment.
1     Penal provisions for allottees who don’t pay dues. Builder can also approach RERA.
1    RERA will have to resolve issues within buyer and builder within 120 days.
1    Repair structural defects from 2 years to 5 years.
1    Builder can charge only for carper area within the walls, not super built up area.

1   Anti Discriminatory clause.
Location: Capitol Complex, Sector 1, Chandigarh, 160001, India

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