RERA Advisory

RERA Advisory is recommended to everybody who wishes to buy or sell properties in the real estate sector. The Real Estate sector in India has witnessed undue delays in completion of projects, frauds and malpractices by certain builders and brokers leading to a huge rise in complaints and cases before the Government and various Courts in India.

The Real Estate (Regulation and Development) Act, 2016 (‘RERDA’), was passed by the Parliament in March 2016 and made effective from 1 st  May 2016 for the sole purpose of safeguarding the interest of the buyers as well as regulate the real estate Sector in India. The said Act has prescribed for every State/UT to make rules in this regard. Due to this Act, it is now obligatory and compulsory not only for all the Real Estate Projects but also for the Real
Estate Intermediaries and Agent to get them registered under this act.

The below listed are some of the instances which made the government felt that there is an urgent need to enforce a law that significantly and considerably deals only with the Real Estate Sector in India:

 Undue Delay in the Completion of the Project
In India, before the enforcement RERA, the real estate sector had faced a lot of unjustified delays regarding the project completion, frauds and misconducts by some builders and brokers result into a massive rise in the complaints and cases pending before the various courts and government in India.

 No Sectoral Regulators
As we know that, the Real estate sector acts as a heavy-handed industry in our Indian economy. However, before the enforcement of RERA, this sector was unregulated, as it had no sectoral regulators, like TRAI, SEBI, and IRDAI, etc. Moreover, it is a well-recognized fact that whenever any sectoral regulators are established, they make the mechanism robust.

 Regulatory Authority
The consumers of the Real Estate industry prior to the enforcement of RERA Act used to approach the consumer courts under the Consumer Protection Act, 1986, for the grievance Redressal, but the said alternative was just curative and not suitable to address all types of concerns that a buyer has.

Prescribed Responsibilities of a Promoter and Developer?
The promoter is the person who either finances or incorporates a project settled by a developer. However, there are many cases, in which both the promoters and developers of a real project are the same:
 Primarily, a promoter or a developer is a person who commences a real estate project with over eight units or 500sq. Meters is required to obtain RERA Registration .
 All the promoters and builders are required to establish a website. After that, they are required to display all the required details on the official portal of the RERA Authority. The same is done for the public to view and get assured about the genuineness and authenticity of the concerned project. The details displayed on the website include,
RERA Registration number and all the relevant particulars of the proposed real estate project undertaken by them.
 Promoters are required to obtain a certificate of completion from the concerned regulatory authority to transfer the same to the allottees, either individually or collectively.
 All the pertinent documents and annexure are to be properly maintained and handed over while transferring the property to the buyer or allottee by way of a registered conveyance deed. Further, they are required to develop an association of the owners before transferring the property.
 It is pertinent to note that till the time actual transfer happens, the developer or the promoters are required to pay all the utility bills, like, electricity and water charges.

Prescribed Responsibilities of a Buyer?
 The buyers or the allottees are required to make on time payments concerning the property. The buyers are also needed to pay other associated charges, like electricity or water, etc., as and when pertinent. Moreover, the buyers are also obligated to bear an additional interest in the case where there is a delay in making payment.
 Buyers are required to contribute to the creation of the association and are also expected to acquire possession of the said property within two months of the issuance of the occupancy certificate.
 The buyer or allottee is obligated to abide by the orders passed either by the regulatory authority, or by the appellate tribunal. If in case there are some delays in making payment, the same might result in imposing of penalties by the authority.
Our services under this category include:
 Real Estate Project Registration as Per RERA Act
 Agent Registration & Return Filing as Per RERA Act
 RERA Audit for Real Estate Projects
 RERA Complaint Filing
 Appeal To Authority
 Legal Consultancy and Assistance to Property Buyers