FAQ
What is RERA ?
The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
What is the meaning of RERA Act?
The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
What are the objects and reasons for which the Real Estate (Regulation and Development) Act 2016 has been framed?
The Real Estate Act is intended to achieve the following objectives:
- Ensure accountability towards allottees and protect their interest;
- Infuse transparency, ensure fair-play and reduce frauds & delays
- Introduce professionalism and pan India standardization
- Establish symmetry of information between the promoter and allottee
- Imposing certain responsibilities on both promoter and allottees
- Establish regulatory oversight mechanism to enforce contracts
- Establish fast- track dispute resolution mechanism
- Promote good governance in the sector which in turn would create investor confidence.
If a real estate project has land area more than 500 sqmts but containing less than 8 apartments. Does it still need to be registered?
Ans. Yes. Every real estate project which has land area more than 500 sqmts or has more than 8 apartments needs to be registered.
If a real estate project has land area less than 500 sqmts but contains more than 8 apartments. Does it still need to be registered?
Ans. Yes. Every real estate project which has land area more than 500 sqmts or has more than 8 apartments needs to be registered