What is RERA ? RERA in Hindi! RERA for Real Estate Agents, Company & Customers. |Shantanu Singh|

Summary

In this informative video, Shantanu Singh discusses the Real Estate Regulatory Authority (RERA) in India, established to address significant issues in the real estate sector, such as project delays and misleading practices by builders. He explains the benefits RERA brings to both customers and builders, including regulated booking amounts, penalties for delays, and defined responsibilities for structural defects. The video outlines the registration requirements and processes for projects and professionals within the industry, emphasizing RERA's role in enhancing transparency and accountability in real estate transactions.

Takeaways

• 😀 RERA stands for Real Estate Regulatory Authority and was enacted in India in 2016.
• 🏗️ The main purpose of RERA is to regulate the real estate sector, providing a framework to protect the rights of customers and ensure transparency.
• ⏳ Before RERA, customers often faced significant delays in project completion, sometimes waiting years for their properties.
• 🚫 Builders frequently made promises that were not fulfilled, leaving customers with limited options for recourse.
• 📢 Misleading advertisements by builders were common, contributing to customer confusion and frustration.
• 🏠 RERA introduced a clear definition of carpet area, helping customers understand the actual usable space in properties.
• 🔧 Builders are now accountable for structural defects for a specified warranty period, ensuring quality and reliability.
• 💰 RERA limits the booking amount to a maximum of 10% of the total project cost, promoting fair practices.
• 🔄 Any changes to projects require customer consent, preventing unilateral alterations by builders.
• 📜 Registration with RERA is mandatory for under-construction projects over 500 square meters or those with more than 8 units, involving a structured registration process.

Q & A

What does RERA stand for?

RERA stands for Real Estate Regulatory Authority.

When was RERA enacted in India?

RERA was enacted in India in 2016 and became operational in 2017.

What were some of the major problems in the real estate sector before RERA?

Before RERA, major problems included delayed project deliveries, unfulfilled builder promises, misleading advertisements, undefined carpet areas, and structural defects.

How has RERA changed the payment structure for customers?

Under RERA, builders can only demand a maximum of 10% of the total project cost as a booking amount.

What rights do customers have if a builder provides false information?

Customers have the right to a full refund if a builder provides false information or fails to meet their commitments.

What is the warranty period for structural defects under RERA?

Builders are responsible for structural defects for a period ranging from 5 to 15 years.

Which projects are required to register under RERA?

Any under-construction project over 500 square meters or projects with more than 8 units must be registered under RERA.

What is the process for registering under RERA?

To register under RERA, individuals must fill out an application form and submit the required documents. The process typically takes 30 days.

What are the consequences for builders if they delay project delivery?

If builders delay project delivery, they are required to pay interest on the customer's booking amount.

Why was RERA necessary in the Indian real estate market?

RERA was necessary to regulate the real estate sector, ensure transparency, protect customer interests, and address the challenges faced by both builders and customers.