The Real estate [ Regulation and development ] act ,2016

Posted on 18 July, 2017 by Administrator

The purpose of the bill is to standardize business practices and transaction in the real estate sector. the act is pro consumer of the real estate sector.

The act has come into existence as in the past many people/consumer have been cheated by the builders. some small builders ran away with crores of public money, while some are behind the bars, while a few have started the constructions and have not been able to deliver it.

The rera act makes it compulsory for the builders to register their projects with the rera authorities, without which they are not allowed to market or sell their projects.

As per rera it’s obligatory on the part of the developer to post all information on rera’s website, such as project plan, layout, government approvals, land title status and the completion schedule.

The rera act provides for imprisonment of up to 3 years, in case the developer sell their project without registration.

In simple words, if you are about to buy a property, just go to the rera’s website and check whether the project you are buying is registered with the rera or not.