रेरा ( रियल एस्टेट रेगुलेटरी अथॉरिटी ) क्या है ?

Summary

In this video, Dr. R. R. Mishra introduces Lok Rakshak Real Property Center and explains the significance of RERA (Real Estate Regulatory Authority). He details the benefits of RERA for homebuyers, including transparency in project details, strict financial regulations for developers, and mandatory warranties for construction defects. The video also emphasizes the importance of working with government-licensed property agents and dealers to ensure secure transactions. Dr. Mishra encourages viewers to visit their local Urban Development Authority or their office for more information, ensuring transparency and trust in property dealings.

Takeaways

• 😀 RERA (Real Estate Regulatory Authority) was established in March 2016 and implemented in 2017 to regulate the real estate market in India.
• 🏠 RERA aims to protect the interests of homebuyers by ensuring transparency and accountability in real estate transactions.
• 📊 Developers must disclose project details on the official RERA website and keep them regularly updated to maintain buyer trust.
• 💰 Homebuyers now pay for the carpet area of a property, not the super built-up area, ensuring fair pricing.
• 💼 Developers are required to deposit 70% of the project funds in a separate escrow account, which can only be used for construction purposes.
• 🔧 Developers are responsible for fixing construction defects for up to five years after project delivery at no extra cost to buyers.
• 📅 Developers cannot make changes to a project without the consent of at least two-thirds of the buyers involved, depending on local rules.
• 💸 RERA limits advance payments to developers to a maximum of 10% of the total cost of the property from buyers, with some exceptions for higher payments.
• 📑 If a project involves over 8 units or covers 500 square meters, it must be registered with RERA to ensure compliance with regulations.
• 📜 Property buyers should only engage licensed property agents registered with RERA to avoid future disputes or irregularities.
• 📍 For more information on RERA regulations and project registration, homebuyers and developers can visit the local urban development authorities or consult with certified property agents.

Q & A

What is RERA and why was it created?

RERA stands for Real Estate Regulatory Authority. It was created to regulate the real estate sector, ensuring transparency, accountability, and protecting the interests of homebuyers. It was established in March 2016 and became operational in 2017.

How does RERA protect homebuyers?

RERA protects homebuyers by ensuring developers disclose project details on the official website and update them regularly. It also mandates that developers are liable for defects in construction for up to 5 years and that buyers only pay for carpet area, not super built-up area.

What is the importance of a separate escrow account under RERA?

Under RERA, developers must deposit about 70% of the project funds into a separate escrow account. This account is exclusively for construction purposes, ensuring that the funds are used responsibly for the completion of the project.

What is the regulation regarding advance payments for property buyers under RERA?

RERA restricts developers from taking more than 10% of the property's cost as an advance payment from buyers before signing a formal agreement. However, developers can take up to 20% if mutually agreed.

What happens if a developer fails to deliver a project on time?

If a developer fails to deliver the project on time, they are required to compensate buyers within 4 months (120 days) from the due date, as stipulated by RERA.

How does RERA regulate project changes by developers?

RERA ensures that developers cannot make changes to the project without prior approval from at least one-third of the buyers. This regulation ensures that the interests of buyers are safeguarded.

Can developers register a project on RERA without providing complete details?

No, developers must provide detailed information about the project, including company details, ownership, and the project’s legal aspects. All details must be regularly updated as the project progresses.

What are the criteria for a property to be registered with RERA?

If a project covers an area of 500 square meters or contains more than 8 units, it must be registered with RERA. This ensures the project is subject to the rules and regulations that protect the buyers.

Why should buyers engage with RERA-registered property dealers?

Buyers are encouraged to engage only with RERA-registered property dealers because these dealers are licensed by the government, ensuring they follow ethical practices and minimize the risk of fraud or malpractice in property transactions.

How can property developers register their projects with RERA?

Property developers can register their projects with RERA by providing a brief description of their business, along with legal details such as company ownership and promoter information. The registration process ensures that the project complies with RERA rules.