RERA Project Registration
What is RERA project registration
RERA makes it mandatory for all commercial and residential real estate projects where the land is over 500 square meters or eight apartments will have to register with regulator before launching a project. Every promoter shall make an application to the authority for registration of real estate project. Projects that are ongoing on the date of commencement of this act and for which completion certificate have not been issued have to get registered with RERA. If real estate project fails to register a property, it will attract penalty.
The Real Estate (Regulation & Development) Act, 2016 aims to establish the Real Estate Regulatory Authority that would regulate and promote the real estate sector. The main aim of the Act is to protect the interest or buyers and promote timely delivery of properties or projects.
All the projects either on land more than 500 sq. m or having at least eight apartments, including the one without completion or occupancy certificate must be registered. Developers have to post details like project plan, layout plan, approvals, land title status, details of promoters, contractors, architects, date of completion with the State RERA – Customers can access this information from the RERA websites.
Developers have to put aside 70% of project funds in an escrow account linked to the project. Builder will be penalized if there is delay in project deliveries. The carpet area has been clearly defined in the law.