Category: RERA

Non-Compliance

What can non-registration or non-compliance with RERA imply? Non-compliance with RERA rules will attract penalties for all stakeholders including developers, promoters, agents and buyers. Here is a brief account of penalties involved in various cases – The builder/promoter will be liable to a penalty of 10 percent of the estimated cost of the project, if…

RERA Key Features

What makes a project RERA-compliant? A project should have received all requisite approvals before being advertised or sold. Information pertinent to sanctions, completion timeline and master plan should be disclosed. A separate escrow account for each project should be maintained with 70 percent of funds as advance deposits. Each unit should be sold as per the…

Madhya Pradesh RERA

Being one of the most active states in implementing RERA rules across the country, Madhya Pradesh regulatory authority has granted a sizeable number of RERA registration certificates to ongoing projects and real estate agents in the state. Shri Giriraj Realty gives you a brief outline of the current status of RERA rules in Madhya Pradesh.…

Understanding RERA

What is RERA? The Real Estate (Regulation and Development) Act, 2016, was formulated to safeguard the interest of homebuyers and to infuse transparency and credibility into the otherwise unregulated real estate sector. The Bill was passed by the Rajya Sabha on March 10, 2016, and by Lok Sabha on March 15, 2016, after multiple amendments to the regulations. While…