New real estate regulations

We have new real estate regulations you would need to know to protect your hard earned assets

The Real Estate (Regulation and Development) Act, 2016 (RERA), intends to protect the interests of home buyers and enhance transparency in the real estate sector. We examine how it will affect various stakeholders – from home buyers and builders, to brokers – and the provisions and penalties prescribed under the act

“Government forms committee, for ‘effective’ implementation of RERA”. As of now, 28 states and union territories have notified the rules under the real estate law. “The ministry has formed a committee under its joint secretary Shiv Das Meena. The panel will look into the suggestions received at the four workshops on RERA and then, submit its recommendations to the ministry. The committee will also consider whether there is a need for changes under removal of difficulties of the central law’s clause,” the official told PTI. If needed, the committee may suggest amendments to the RERA, he said, adding that the panel will hold its first meeting on January 3, 2019.

Benefits of RERA to buyer:

• Significant buyers protection

• Quality products and timely delivery

• Balanced agreements and treatment

• Transparency – sale based on carpet area

• Safety of money and transparency on utilisation

Benefits of RERA to developer:

• Common and best practices

• Increase efficiency

• Consolidation of sector

• Corporate branding

• Higher investment

• Increase in organised funding