APNA RERA - Campaign for RERA Awareness in India (CRAI)

APNA RERA - Campaign for RERA Awareness in India (CRAI)

By Apna RERA

The government of India has introduced a game changing reform in the Indian real estate sector known as the Real Estate (Regulation & development) Act (RERA). The primary aim of this Act being to bring about transparency, accountability & further enhance professionalism in the real-estate industry, thus safeguarding the interest of consumers. Most importantly, it brings the entire real estate sector within a regulatory environment, defining the liabilities and liberties of a developer and providing an effective grievance redress mechanism to the buyer.

At APNA RERA, we are committed to spread knowledge about the new law amongst real-estate stakeholders including buyers, developers, agents, architects, chartered accountants etc.

We are proud to launch the Campaign for RERA Awareness in India (CRAI) to create awareness about the RERA Act. This Campaign will empower the consumer while boosting the credibility of developers. We aim to create a common platform for buyers, sellers and intermediaries engaged in the sector, where we will be focused on showcasing relevant and up to date information about the RERA REGISTERED PROJECTS & AGENTS in all Indian states.

Investing in a house is often a very crucial decision, one that takes a lot of thought and planning; for many it involves one’s lifetime savings. It is almost always a leap of faith decision, more so if the developer happens to be a non-compliant player. It is primarily an issue of a roof-over-his-head or a matter of roti, kapda aur makan. Through CRAI it is our sincere effort to bring into spotlight the organized developers of all states who are RERA registered and better-equipped to fulfill the various requirements of the buyers. This will bridge the trust deficit among the consumers along with spreading awareness among property buyers to buy only RERA registered projects.

Benefits of RERA Act to Property Buyers:

The Real Estate (Regulation and Development) Act or RERA is a law that seeks to regulate and standardize the real estate sector, where the need for uniform guidelines and transparency has been felt for long.

It regulates many aspects of Real estate and safeguards the interests of the buyers. But, the rules and regulations on papers will not be beneficial to the customers unless and until they are known by the people. Customers need to be aware of the provisions to get the benefits of this Act. We try to give a brief picture of the main advantages of RERA.;

  • RERA mandates compulsory registration of all ongoing and upcoming real estate projects before advertising or marketing.
  • Home buyers will have to pay only for carpet area.
  • RERA obliges the developer to park 70% of the project funds in a dedicated escrow account.
  • Property developer is prohibited from taking more than 10 per cent as advance from the allottees without entering into a written agreement for sale.
  • Any structural alteration to the sanctioned plan to be made only after obtaining a written consent of at least 2/3rd of the allottees.
  • Dedicated real estate appellate tribunals will be appointed to adjudicate cases within 60 days.
  • RERA states that any structural defects brought to the notice of developer within a period of five years must be rectified by the promoter free of cost.
  • In case of non-compliance of the Act, RERA recommends imprisonment up to three years or fine which may extend up to 10% of project cost, or both.
  • It has been made mandatory for the property developers to regularly maintain & update their website and provide RERA registration details.
  • Real estate agents will also be required to be registered under RERA.

Conclusion:

RERA will definitely play an important role in the Indian Real estate sector. It has raised many hopes for the homebuyers. The Act is likely to enhance activity in the real estate sector thus leading to more supply in the market. Eventually the Act will bring-in the much-needed confidence to infuse more investment and, in turn, stabilise house prices.

So let’s join our hands and spread awareness among your friends and relatives to help them understand the Indian real estate sector in an easy way.

“Campaign for RERA Awareness in India” (CRAI)

An Initiative to make our Indian real estate sector more reliable and transparent for the future generation.

Click below to participate

For Buyers   For Agents   For Developers

Also Read: Do realtors need a service provider to register with the RERA?

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