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FREQUENTLY ASKED QUESTIONS
RERA stands for Real Estate Regulatory Authority. RERA was formed to bring transparency in the real estate sector across India. The Real Estate (Regulation and Development) Act, 2016 (RERA) became effective across all the states from May 1, 2017.
RERA means the Real Estate Regulatory Authority, the regulatory body that maintains accountability to regulate residential and commercial properties and protects property buyers from dispute and fraud by unethical real estate developers. RERA came into existence under the Real Estate (Regulation and Development) Act, 2016, which will help eliminate problems that increase investment in the real estate sector. RERA gives the projects a prestigious tag and confidence to buyers.
The Government of India passed the Real Estate (Regulation and Development) Act 2016 on 26 March 2016, and all its provisions came into force from 1 May 2017. The RERA Act, 2016 establishes the Real Estate Regulatory Authority (RERA) in every state of India to regulate the real estate sector. RERA also acts as a judging body for quick dispute resolution.
RERA applies to all real estate projects for which building permits have been approved on or after January 1, 2017. The RERA Act only applies to projects exceeding 500 square meters of proposed development land, and the number of apartments proposed to be developed exceeds 8 -units inclusive of all phases.
◄◄ RERA ACT
RERA RULES ▶▶
Yes. RERA registration is mandatory for all real estate construction or startup projects with a land area of more than 500 square meters. Or a proposed development area with more than 8 -apartment units whose construction permits were approved on or after January 1, 2017, to comply with the Telangana RERA rules.
- RERA does not apply to all real estate projects with a land area of less than 500 square meters. Or a land area that has less than or equal to 8-apartment units.
- If a project is under renovation or re-development, that does not involve any marketing, advertising, selling, or new allotment of any flat or apartment, or building.
- For RERA registration in Telangana state, visit http://rera.telangana.gov.in/
Yes. According to the RERA Act, every real estate project, including venture plots with a land area of more than 500 square meters must register under RERA. No advertiser or marketer or builder or seller can advertise about any plot without registering the venture project. Before inviting buyers, the developer must register open plots or any type of real estate project under RERA.
Yes. Real estate projects in rural areas are now under RERA control. To protect the interest of buyers, real estate projects in rural areas are also regulated under RERA. Developers will be fined if they fail to register their ongoing project within the stipulated timeline of 90 days. RERA levies 10% of project cost on developers who do not register ongoing projects in RERA.
At present, the RERA Act applies to the following.
- Residential apartments and flats
- Commercial real estate includes malls, shops, business spaces, etc.
- Plotted developments such as venture plots
- All ongoing and redevelopment projects that haven’t received a completion certificate
The RERA Carpet Area is the net usable floor area of an apartment covered by the interior partition walls, excluding the exterior walls, the areas under the service shafts, the separate balcony area, and the open terrace area. Simply, according to RERA, Carpet Area = Floor Area + Inner Wall Area.
According to the RERA Act, promoters must deposit 70% of customer advances or project funds in a dedicated project account so that these funds can be used for land acquisition and related project construction.
Withdrawals from the account must be verified by the Project Engineer, Architect, and Chartered Accountants and these accounts must be audited each financial year and a copy submitted to the Authority. This will ensure that customer progress is not diverted to other project development and that promoters do not delay the project due to lack of funding.
Saleable Area, also called a Super Built-up Area includes Built-up Area in addition to the proportionate share of amenities such as lift shafts, staircases, corridors, entrance lobby, clubhouse, security room, and any other common areas in your building/residential complex.
Super built-up area = Built-up area + proportionate common area
(Or) Carpet area X (1- loading factor) = super built-up area.
Note: The difference between a super built-up area and a carpet area is called a loading factor. The loading factor ranges from 15% to 50%, depending on the builder and the exact location.
◄◄ RERA DEFINITIONS
RERA BENEFITS ▶▶
RERA aims to promote transparency, efficiency, and accountability in the real estate sector in India. Here are some of Rera’s benefits.
Right of Information – The developer is entitled to provide all details about the project such as plan layout, stages of completion, date of the handover, etc.
Standard Carpet Area – The price of a property is dependent on the carpet area. So, RERA has the standardized format of calculating the carpet area. The RERA Carpet area is the net usable floor area of the apartment covered by the interior partition, excluding the exterior walls, the areas under the service shafts, the separate balcony area, and the open terrace area.
Structural defect of property – If there is any defect in the construction of the property, the developer shall take the responsibility of repairing it up to 5 years of acquisition. And the defects must be repaired by the developer within 30 days.
No delay in property handover – According to RERA Act, real estate developers must provide buyers with a property delivery date. If the developers do not complete the project and delay the delivery date, they will face penalties.
- The main goal of RERA is to provide buyers with relief from the fraudulent behavior of unethical builders. Under RERA, the failure to acquire apartments from the builder is no longer an issue. Developers who default on the delivery date are punishable by up to 3 years and required to pay home buyers 2% interest above the State Bank of India loan rate.
RERA Act plays a key role in the real estate sector with the goal of protecting buyers from the fraudulent behavior of unethical builders. RERA defines specific rules for the construction and development of real estate that increase transparency in every transaction in the real estate sector.
Yes. Anyone affected by any order of the RERA Appellate Tribunal may appeal to the High Court within 60 days from the date of receipt of decision/order.
