For multiple reasons, Kerala is perhaps the only State which is yet to form a Real Estate Regulatory Authority (RERA). At present, the State relies on a namesake
What is RERA? What are it’s salient features? How does it protect the buyers and what is the difference in scenario before and after it?
This bill was passed by the Parliament on March 15, 2016, and the Act came into force on May 1, 2016.
From a common man perspective, it was meant to address some of the pain points of a typical property buyer:
- What is the recourse when a project hand-over is delayed by the builder/promotor?
- How does one verify that a specific property meets the statutory norms as set by the local civic bodies?
Hence the Real Estate Regulation and Development Act was introduced to help the common man. Its primary goal is to bring tighter regulations into the system, thereby bring transparency and accountability to the whole home-ownership experience. The Act applies to both residential and commercial real estate projects.
The basic principles and vision for this Act were drafted by the Center, and then for each of the states to individually set up a Real Estate Regulatory Authority (RERA), an Appellate Tribunal and RERA Rules. Such a set-up was aimed at safeguarding a property buyer’s interest.
Latest Developments- Uttar Pradesh, Madhya Pradesh, Kerala and Gujarat have already notified the rules in their respective states. Since the other states have not yet notified the rules within the stipulated timeframe, the deadline has been extended to May 1, 2017.
To know more about the Act,
With ever changing norms and rules, as a residential property buyer, its best to check the property documents before buying a new property. To verify the documents of property you own or plan to buy, download the(Your Personal Property Lawyer on a Phone) from Google Play Store!