meraRERA An Informational Portal to Make Aware About RERA Act

meraRERA is an informational portal from where you can gathered all the information related to the RERA Act 2016. We have all the new update about the RERA and numbers of blogs for the current news of RERA India. By help of our online portal, we want to make aware to the people who are interested for the investment in real estate sector. Our portal is not only property buyers centric but we are trying to cover all the issues of realty world including builders, promoters, agents and buyers.

We have team of experienced professionals who always keep on eyes the latest information about Real Estate Regulatory Act. 

Even, we also create a Real Estate Regulatory Act India Discussion Board where we post the all the query and question that we get in our mail box all across the country and invites to the people of respected field to answer queries. By help our portal, people can better understand the basic structure of RERA For Buyers can avoid fraud builders or developers. Genuine builders can also increase their credibility by registering themselves under Real Estate Regulatory Authority.

We are here to make you aware about your rights of real estate sector. meraRERA is much required juncture of people to buying, promoting and structure and promoting a real estate scheme with the government. People can use the website of RERA India to get a fair idea of its working and lucidity, to gain information about a promoter as all the details of the promoter will be present on RERA India website and to take part in public forum and discussions about the working of this real estate regulatory agency.

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How RERA Proven Beneficial For Promoters & Homebuyers

The Real Estate Regulatory Authority casts an onerous responsibility on developers, in the form of project registration and obligatory disclosures on a daily basis through a portal to be maintained by the RERA; thus giving buyers the ability to analyze the reliability of the builder as well as the project before making their investment decision. One may also have to worry about similar responsibility being cast on a real estate agent or marketing agents under the bill. Apart from the disclosures, the bill also mandates the developers to honor their commitment in terms of timelines, quality, facility, etc and gives that any default on the part of the builder could result in revocation of the project listings, ceasing of bank accounts and handover of development rights to the builders or third party. The bill also provides for severe penal and trial consequences in case of defaults or non-compliance's and entails listing the builder as a defaulter on the portal. 

The Bill also seeks to arrangement a faster clash redressal mechanism, with the establishment of the Real Estate Appellate Tribunal, which shall have the command to regulate its own procedure. While these disclosures will provide buyers the requisite data to take well-versed decisions, use of such data by unprincipled elements needs to be addressed to maintain a healthy competition. 

Key features of RERA:

• Applicable to both residential and commercial developments, with some exemptions
• RERA to be established for dispute redressal
• Disclosure on the part of developers – track record, litigations, development status, approvals obtained, etc.
• Mandatory to deposit 50 percent of realization amount in an Escrow Account; to be used only for construction
• Bigger responsibility cast on the Agents/ marketing agents
• Buyers grant with more rights
• In case of contravention by the developers, deregistration of projects, duty of penalty and other financial consequences
• Advance by promoter not in excess of 10 percent, without written agreement

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RERA the End Relief for Buyers…

The realty sector of India has long been one of the most unorganized sectors in India. The developers and real estate agents for so long have managed to manipulate the modest buyers by forming a vicious circle. The lack of any legality and proper system has further encouraged the promoters and agents to practice corrupt activities.

There often have been instances wherein, real estate agents sold the same project to more than one client and fled away with the money. The buyer in this aggrieved situation has often been helpless since there was no one to complaint to. Buyers further have to give in to the terms and conditions, though buyer is said to be the king of the market. Delayed possession is another common problem in the real estate sector. Developers often invest the money of sale proceeds of one project into the other project. This delays the completion of the ongoing project and ultimately leads to the delayed possession.

A relief has come to the buyers with the approval of real estate regulatory bill 2016. Under the RERA For Buyers  2016 Act, each state and union territory will have to form a regulatory body. This regulatory body will be made up of Members of authority and a chairperson. 

All the developers and real estate agents will now have to get registered under RERA India.  This will help buyers differentiate under compliant and non-compliant, builders and agents. Further a developer is required to maintain an escrow account which contains 70% sale proceeds of the ongoing project. A developer cannot now advertise or launch the project without getting the project registered under RERA.

 To change the layout plan of any project, the promoter will have to seek consent from two third of buyers. RERA with proper rules and regulations is expected to bring transparency in this long messed up sector.

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