Punjab RERA

All You Need to Know About Punjab RERA Registration

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The Real Estate (Regulation and Development) Act, 2016 came into effect on May 1, 2016, but all the provisions of the Act were fully implemented on May 1, 2017. The Act was primarily implemented to protect the interests of consumers in the real estate sector and also infuse transparency and accountability between the buyers and developers.

If you’re planning to develop, sell or purchase residential real estate in the state of Punjab, it’s important to know what the Punjab Real Estate Regulatory Authority (RERA) is and how it works. If you’re unfamiliar with this regulatory body, this guide will walk you through everything you need to know about Punjab RERA registration, its mission and its process of registering properties in the state of Punjab.

Things you need to know about Punjab RERA

All states in India have set up their own version of RERA, which is modeled after CRRA. It was only a matter of time before Punjab followed suit. But what are these regulations, and why are they important? Here’s what you need to know about Punjab RERA registration. So how does it work? There are three stages of Punjab RERA registration.

How is Punjab RERA different from other states

Unlike other states, in Punjab, there is no penalty for unregistered projects. However, for customers, it means that they will not be able to claim any compensation or take legal action against an unregistered project. This makes a strong case for all real estate developers and agents to register their projects under Punjab RERA. Even though all other states have yet not implemented their respective revised regulatory acts, one cannot escape from following law of the land while dealing with buyers and investors in each state.

What are the benefits of Punjab RERA

Each state in India follows its own rules when it comes to real estate. However, there are two main acts that every state must follow – The Ownership Rights Act lays down general guidelines for real estate in any part of India. It also specifies what constitutes a valid agreement between buyer and seller. Rera is specific only to Punjab, which means you can ignore it if you’re purchasing property outside of Chandigarh or Mohali. Apart from laying down guidelines for registration, promotion, delivery of possession etc., here are some benefits that arise from using RERA.

List of documents required for registration

From a legal standpoint, registration is required for all projects of 2 or more residences. It’s a great idea to register with the state before you’ve broken ground on your new project. To do so, contact a law firm specializing in real estate; they can explain what documents are needed and handle all filings on your behalf. Of course, registration is also important if you’re not planning to sell but simply rent out an apartment building or single-family home. In such cases, rental properties must be registered as well (otherwise known as rent control). The same goes for land sales: They too require RERA registration.

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