Which Real Estate Projects are to be registered with RERA?

Prior to the Real Estate (Regulation and Development) Act, 2016, coming into effect, the real estate projects were not registered, and no authority had records of the ongoing, stuck and completed real estate projects in the country. This has resulted into illiteracy amongst the people about the real estate project before investing in it and which had many a times resulted in victimization of buyers. RERA has been a ray of hope for all the real estate purchasers as registration of the real estate project has been made mandatory. Now, as the real estate projects are registered, all the data with respect to the real estate project is made public and is easily accessible to the people at large. As per the provisions of the RERA, all the real estate projects which were on-going at the time of commencement of RERA are required to be registered within 3 months from the date of commencement of RERA.

• At the time of commencement of RERA the Promoter of real estate project has obtained Completion Certificate or Occupancy Certificate
• The building is fully occupied and there is no receivable from the purchasers.
• The area of a real estate project is not exceeding 500 Sq. Mtrs. or the number of apartments does not exceed 8.
• Only repair, renovation and re-development of the real estate project is being carried out which does not involve any marketing, advertising, selling or new allotment of any apartment, plot or building.
• Structural repairs of existing building by public authorities or as per the laws, rules or regulations.

Apart from the above, all the real estate projects are required to be registered with RERA and the Promoters / Developers are required to disclose all the information regards to the real estate project on the project’s RERA profile. The Promoter / Developer is required to disclose complete details of project land, number of flats proposed to construct, number of floors, number of wings, pending litigation, details of professionals hired, FSI, Title Clearance Certificate and other relevant Certificates, number of approvals obtained from Competent Authorities, details of Society Formation, draft Agreement for Sale, Allotment Letter, Sanctioned Plans, etc.

One must visit RERA profile of the real estate project before investing into it, to get a clear view.