Why is RERA Registration a Revolutionary Step |
Posted: May 18, 2018 |
The real estate sector was largely unregulated in India before the introduction of RERA. With a view to organize, regulate and promote this sector Real Estate Regulatory Authority (RERA) was established as per the Real Estate (Regulation & Development) Act, 2016. The objectives for introduction of RERA are: - To organize the real estate sector - To boost investment in real estate sector by making it more lucrative through proper regulations. - Protection of investors - Safeguarding the interests of buyers Registration under RERA is mandatory for every party involved in real estate sector. RERA registration involves:
Main features of RERA:
Who is Required to register Under RERA - RERA Registration is mandatory for commercial as well as residential real estate projects - Any project where
is required to be registered with the regulator. - If at the time of implementation of the Act if there were any ongoing for which completion certificate have not been issued, they are also required to registered with RERA. When is RERA Registration required Before initiating any work, it is mandatory to get the RERA Agent Registration. For applying for RERA registration it is mandatory for the applicant that all the necessary clearances are already taken for. Before initiating any promotion or advertisement for any project, RERA Registration is mandatory. This ensures that there is no delay at the delivery time and allotment to the buyers. Process Once the application for registration is submitted, it is to be processes within 30 days. If the application is approved by the authority, a Unique registration number is allotted to the applicant along with the login credentials. The applicant is required to update all the details relating to the organization and project on the portal. Source url - https://enterslice1.weebly.com/blog/why-is-rera-registration-a-revolutionary-step
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