RERA

Real Estate (Regulation and

Development) Act, 2016

REAL ESTATE MANAGEMENT

Presented by Subhakankhi CHoudhury

 BRIEF
 RERDA-2016 is an Act of the Parliament
of India Applicable to whole of India
except Jammu and Kashmir
 The bill was passed by the Rajya Sabha
on 10th March, 2016, by the Lok Sabha on
15-03-2016 & Notified on 26-03-2016
 Came into force :1 May 2016 with 59 of
92 sections notified.
 All remaining Sections came into force
on : 1st May, 2017
 BRIEF
 The Real Estate Regulatory Authority
yet to be set up.
 Kerala is yet to adopt the ACT.
 After formation of J & K as UT, it is yet
to notify the same.
 CENTRAL ACT
REAL ESTATE (Regulation & Development) ACT,
2016
Concerned with
Related to Flats, Buildings,
Applicable all
owning / Acquiring Development,
over India
rights. Plots, commercial
& Residential

Implemented
through all
Free Hold /
the connected
Leese Hold
Central & State
Law applicable
 PARTIES ON WHOM OBLIGATIONS
ARE MADE APPLICABLE under RERA

RE Agents, Professionals
1.Promoter Contractors and 3.Allotees
other Agencies Connected (Flat Buyer/s )
with RE Projects

Builder /
Land Owner Single Group
Developer

1. Individual, 2. Firm. 3. Company, 4. Assn of Persons,

5. Govt., 6. Semi Govt. 8. Local Authority 9. Trust
10. Society – u/SRA, 11. Co-operative Society u/ MCS of MSC
12. LLP or any other person or group of persons.
Salient Features of the Act

Real Estate Project Registration

Real Estate Agent Registration

Filing of Complaints

Financial Discipline

Transparent & Consumer-oriented

 Responsibilities of Promoter

Registratio Declaratio 70% No ads Obligations

n of n by amount to without of
project promoter be registratio promoter
with RERA deposited n for veracity
in bank of ads
A/C
COMPULSORY REGISTRATION OF REAL ESTATE PROJECT

FOR DEVELOPMENT
OF
ANY IMMOVABLE PROPERTY REGISTRATION
IN PHASES OR OTHERWISE EXEMPTED
And
All Pending Projects where
OC is not received within 3 months
And New Project before offer for sale.

AREA DOES RENOVATION

NOT All Completed OR REPAIRS
EXCEED 500 Projects Where WHICH DOES
SQ.METERS OR OC is Granted. NOT INVOLVE
Less than 8 Units REALLOTMENT
& MARKETING
 DISCLOSURE OF INFORMATION BY THE PROMOTER

By Registration of the Project for development of immovable property in

specified form by paying prescribed fees and by submitting information.

Proposed
No & Size of Approvals Declaration by
Layout, phases
Project &
for each phase Promoter
facilities

He has Title &

Project to be Project to be 70% of Realized
land is free from
Completed Completed amt to be deposited
Encumbrances &
as per Terms Within the period in a separate a/c
Specimen of
of Registration Of sanction by In Sch. Bank
Agreement for sale
And schedule of Competent For meeting cost
Conveyance deed
completion Authority Of project
Allotment letter etc
 RECOVACTION OF REGISTRATION OF REAL ESTATE PROJECT

On complaint Suo moto based

by on any information,
any Stakeholders Audit Report etc

Consequence of Revocation or Lapse

Debar Complete the Declare as Freeze the

the Project Defaulter Dedicated
promoters by the And account and
From association Display Transfer the
Execution & of allottees or Photographs balance
Accessing in any other In All States To complete the
Website manner. Website. project
Rights & Duties of Allottees
• Rights • Duties
• Obtain information • To pay proportionate
related to project like share of expenses
site & layout plans & • To pay interest on
specifications delayed payments
• Know stage-wise time • Obligation & liabilities to
schedule of completion be reduced on basis of
of project, claim mutual agreement
possession of property as between promoter &
per declaration of allottee
promoter Sec. 4 {2 (i)(c)}
• Claim refund of amount
paid by promoter on A/C
of default of promoter
Thank you