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10 RERA rules every builders AND PROMOTER should be aware.

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 WHAT IS THE ROLE OF RERA 

RERA aims to reduce project delays and property fraud. To do so, authorities have made it mandatory for all builders/ developers to carry out RERA registration before they start a project.

Real Estate Regulatory Authority (RERA) Act was launched on the 1st of May 2017 and is aimed at protecting the interests of buyers in the real estate sector and establishing an arbitrating mechanism for speedy dispute redressal.


10 RERA rules every builder AND PROMOTER should be aware of. 

RERA (Real Estate Regulatory Authority) guidelines are important for builders to follow to ensure transparency and protection for buyers. Here are some tips for builders to comply with RERA guidelines:

  • Register with RERA: All builders must register their projects with RERA before advertising, selling, or promoting them.


  • Disclosure of project details: Builders must provide complete details of their projects, including project layout, land title status, project timeline, and financial details, in the RERA portal.


  • Advertisements: Builders must ensure that their advertisements are accurate and not misleading. They must also include the RERA registration number in all advertisements.


  • Project delivery: Builders must complete their projects on time and deliver them as per the agreed specifications. Any changes made to the project must be disclosed to the buyers and approved by the RERA.


  • Maintenance of project records: Builders must maintain records of all transactions, approvals, and agreements related to their projects. These records must be made available to buyers on request.


  • Agreement with buyers: Builders must enter into a written agreement with buyers, clearly stating the terms and conditions of the sale, including the possession date, payment schedule, and penalties for delay.


  • Escrow account: Builders must open a separate escrow account for each project to ensure that buyers' funds are used only for that project and not diverted elsewhere.


  • Quality of construction: Builders must ensure that the construction is of good quality and as per the approved plans and specifications. Any defects or deficiencies must be rectified promptly.


  • Grievance redressal: Builders must have a grievance redressal mechanism in place to address any complaints or disputes raised by the buyers.


  • Compliance with RERA orders: Builders must comply with any orders or directions issued by the RERA, failing which they may face penalties or cancellation of their registration.


Following these guidelines can help builders build a positive reputation and attract more buyers, while also ensuring compliance with RERA regulations.


AADAVAN REALTORS 

KUNALL TIWARI 

( chairman and managing director )


Location: India

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