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RERA 2017

RERA The Real Estate (Regulation and Development) Act, 2016 (RERA)

RERA – A few important changes/provisions in RERA Rules.Lat date for registration is 30th July, 2017.

1.      Project outside planning are also now included within the ambit of RERA.

2.      If any project has not obtained completion certificate/ occupancy certificate by 30th April 2017 or has not applied for completion certificate/ occupancy certificate by 30th April, all those projects will be covered under the ambit of RERA, i.e if any project has either received/applied for completion certificate / occupancy certificate by 30th April & there in no litigation regarding the same with the concerned authorities, those project will be outside the ambit of RERA.

3.       Concept of provisional Registration has been introduced, which would be valid for 6 Months only i.e. within 6 Months from the grant of provisional registration all permission should be obtained, if not the fees paid would be forfeited, hence not advisable to go for Provisional Registration.

4.      No marketing of any kind whether in print, digital or any other media can be done unless & until project is registered with RERA, also no booking amount can be taken from customer unless & until project is registered with RERA.

5.      For existing project, sale transaction can be executed & other transaction can be carried out but project should be registered lately by 30th July 2017.

6.      Brochure/ Model Flat/ Any other advertisement should not state/ reflect anything contrary to the find product that would be delivered.

7.      Only carpet area has to be defined in agreement, if any extra charges are being taken for balcony and other areas/ amenities they have to be separately mentioned in agreement.

8.      In designated bank account “70%’’ of difference of total receipt from buyers less expenses  incurred wholly & exclusively for project has to be deposited, amount paid towards land cost is also part of cost of project. Expenses only on “Payment” basis can be claimed in this regard.

9.      RERA registration number to be quoted in all advertisement undertaken to sale.

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