RERA Registration

Mandatory Registration: Under RERA, it is mandatory for all real estate developers who intend to sell or advertise their projects to register their projects with the respective state RERA authority. Real estate agents or brokers also need to register themselves with RERA before engaging in real estate transactions.

Transparency and Accountability: RERA mandates developers to provide accurate and transparent information about their projects, including project details, layout plans, approvals, timelines, and completion schedules. This ensures greater accountability and prevents misleading advertisements or false promises.

Protection of Homebuyers: RERA aims to protect the interests of homebuyers by ensuring fair practices, timely delivery of projects, and quality construction. It establishes mechanisms for resolving disputes between buyers and developers through the establishment of Real Estate Regulatory Authorities and Real Estate Appellate Tribunals.

Financial Discipline: RERA requires developers to deposit a certain percentage of project funds into a dedicated escrow account, which can only be used for construction and land costs. This ensures financial discipline and reduces the risk of diversion of funds to other projects or purposes.

Timely Completion of Projects: RERA imposes strict penalties on developers for delays in project completion or possession beyond the agreed-upon timelines. This incentivizes developers to adhere to project schedules and deliver projects on time, minimizing delays and uncertainties for homebuyers.

Quality Assurance: RERA mandates developers to adhere to quality standards and specifications prescribed by the regulatory authority. This ensures that projects are constructed using high-quality materials and techniques, thereby enhancing the overall satisfaction and safety of homebuyers.

Redressal of Grievances: RERA provides a platform for homebuyers to file complaints or grievances against developers or agents for any violations of the act or deficiencies in projects. The regulatory authority facilitates the resolution of disputes through mediation, conciliation, or adjudication, ensuring swift justice for aggrieved parties.

Promotion of Investor Confidence: RERA registration enhances investor confidence in the real estate sector by promoting transparency, accountability, and regulatory oversight. It reduces the risks associated with real estate investments and encourages greater participation from domestic and international investors.