Registration
Audits
Quarterly Returns
The Real Estate (Regulation and Development) Act , 2016 (popularly known as RERA) is an Act of the Parliament of India which came into force from 1 May 2016 which applies to the whole of India.
Regulate and promote the Real Estate sector
To ensure the sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner
To protect the interest of consumers in the real estate sector
To establish an adjudicating mechanism for speedy dispute redressal
To establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.
The RERA has prescribed various compliances to be followed by the Real Estate industry to adhere to the Rules and Regulations made thereunder. Following are the compliances which need to be followed by the Real Estate Sector:
Private Limited Company Registration
The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, is a law enacted to regulate the real estate sector, promote transparency, and protect the interests of homebuyers across India.
Yes. RERA registration is mandatory for projects where the land area exceeds 500 square meters or where the project has more than 8 apartments. Real estate agents dealing with such projects must also register under RERA.
Under RERA, promoters must deposit 70% of the funds collected from buyers into a separate bank account. This amount can only be used for construction and land-related expenses of that specific project.
Yes. Promoters must get their project accounts audited every financial year by a practicing Chartered Accountant to ensure proper utilization of funds.
Promoters are required to provide quarterly updates regarding booked apartments or plots, garages booked, approvals received, pending approvals, and the overall progress of the project.
