The RERA Act is better and most commonly known as the Real Estate Regulatory Authority. This was formed to bring about transparency in the real estate sector. The RERA Act was introduced in the country to eliminate any kind of issues within the Real Estate sector.
It missions towards any type of delays in the project or mis-selling of a property. In the present times, it is compulsory for all builders and developers to carry out RERA registration before starting a property building project in different regions of the nation.
The Real Estate Act had made it mandatory for all residential as well as commercial real estate projects where the land involvement is more than 500 square meters, or it involves eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
Any ongoing projects that have not received a completion certificate on the date of inception of the Act will have to seek registrations within 3 months. Application for registration must be approved or rejected within 30 days from the date of filing the application by the RERA.
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