DelhiDesk The Real Estate (Regulation and Development) Act, 2016 (RERA) has been a game-changer for the Indian real estate industry. Its guidelines promote transparency, accountability, and efficiency in the industry, and developers must comply with norms covering project registration, documentation, pricing, and quality standards. Developers must maintain a high level of transparency in project dealings and pricing, provide a detailed project plan with timelines, and ensure compliance with quality standards at every stage of the project. Compliance with RERA guidelines will benefit both developers and buyers, leading to a more efficient and transparent real estate market in India.
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👉 The Real Estate (Regulation and Development) Act, 2016 (RERA) is a game-changer for the Indian real estate industry.
👉 RERA guidelines aim to promote transparency, accountability, and efficiency in the real estate industry.
👉 Property developers need to comply with norms that cover project registration, documentation, pricing, and quality standards.
👉 Developers will have to maintain a high level of transparency in project dealings and pricing, provide a detailed project plan with timelines, and ensure compliance with quality standards at every stage of the project.
👉 Developers need to ensure that their projects are registered with the appropriate regulatory authority and that all necessary approvals and clearances have been obtained before launching the project.
👉 To adhere to RERA guidelines, developers need to maintain accurate and up-to-date documentation, including project timelines, construction schedules, and financial details.
👉 Buyers should check if the building/project is registered with RERA and ask for details of the Escrow Account if the project is under construction.
👉 RERA only recognizes the carpet area, which should be measured before concluding the transaction and as per what was committed by the developer in the sale agreement.
👉 Clause 14 (3) of the RERA Act protects the buyer’s interest, but there is a gray area if the defect found is due to the negligence of the customer or wear and tear.
👉 Compliance with RERA guidelines will benefit both developers and buyers, leading to a more efficient and transparent real estate market in India.
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