RERA Lawyers in Sector -17, RERA Consultant, Registration in Noida
RERA Act 2016- RERA Lawyers in Sector -17 Noida
The real estate sector in India has always been looked upon as an unorganized sector governed by diverse state laws and particularly lacking the transparency and accountability of the promoters/developers to the buyers vis- a- vis the completion of the projects resulting in delays on committed schedules. To protect the interest of the buyers and infuse some uniformity in these diverse state enactments, the Government of India has recently passed the Real Estate Regulatory Act, 2016 (“Act”) which seeks to protect the interest of the buyers of residential and commercial real estate units by promoting transparency, accountability and efficiency in the construction and execution of real estate projects by developers/promoters. The major portions of the Act have been made effective from May 01, 2016.
According to RERA, each state and Union territory will have its own regulator and set of rules to govern the functioning of the regulator.
RERA seeks to address issues like delays, price, quality of construction, title and other changes.
Delays in projects are the biggest issue faced by buyers. The reasons are many and the impact is huge. Some have run into obstacles even before a brick was laid. The reasons include diversion of funds to other projects, changes in regulations by authorities, the environment ministry, national green tribunal etc and other bodies like those involved in infrastructure development and governing transport. Errant builders often sell projects to investors without the approval of plans, unauthorized increase in FAR, bad quality of construction, projects stuck in litigation etc.
Key provisions of RERA Sector -17 Noida:
To provide clarity to buyers, developers will have to keep them informed of their other ongoing project
It will be the responsibility of each state regulator to register real estate projects and real estate agents operating in their state under RERA. The details of all registered projects will be put up on a website for public access.
RERA talks about the quality of construction in projects. Over the last few years, buyers have protested about poor of flats. The regulator will ensure protection to buyers in this matter for five years from the date of possession.
Promoters are not permitted to advertise any project without RERA registration.
Developers can’t invite, advertise, sell, offer, market or book any plot, apartment, house, building, investment in projects, without first registering it with the regulatory authority. Furthermore, after registration, all the advertisement inviting investment will have to bear the unique RERA registration number.
If the promoter defaults on delivery within the agreed deadline, they will be required to return the entire money invested by the buyers along with the pre agreed interest rate mentioned in the contract based on the model contract given by RERA.
RERA Lawyers in Sector -17 Noida, RERA Consultant, Registration in Sector -17 Noida
If the buyer chooses not to take the money back, the builder will have to pay monthly interest on each delay month to the buyer till they get delivery.
RERA mandates that developers can’t ask more than 10 per cent of the property’s cost as an advanced payment booking amount before actually signing a registered sale agreement.
Team Legal RERA Consultant & Lawyers in Sector -17 Noida
Team Legal has expert lawyers for RERA matters. Our dedicated lawyers handle RERA matters in Sector -17 Noida, Delhi & Gurgaon. For any queries and cases related with RERA kindly call Team Legal on 0120-4130865.
RERA Registration in Sector -17 Noida
The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square meters, or 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. For ongoing projects which have not received completion certificate on the date of commencement of the Act, will have to seek registration within 3 months. Application for registration must be either approved or rejected within a period of 30 days from the date of application by the RERA. On successful registration, the promoter of the project will be provided with a registration number, a login id, and password for the applicants to fill up essential details on the website of the RERA. For failure to register, a penalty of up to 10 percent of the project cost or three years’ imprisonment may be imposed. Real estate agents who facilitate selling or purchase of properties must take prior registration. Such agents will be issued a single registration number for each State or Union Territory, which must be quoted by the agent in every sale facilitated by him.
Benefits of RERA Registration:
Timely delivery
It has been seen that developers often make false promises about the completion date of the project, but hardly deliver on time. As per the bill, strict regulations will be enforced on developers to ensure that construction runs on time and flats are delivered on decided time.
Accurate Project Details in Sector -17 Noida
In the construction stage, builders promote their projects, defining the various amenities and features related to projects. As per this bill, there can’t be any changes to a plan. And if a builder is found guilty then, he/she will be penalized 10% of the project’s costs or face jail time of up to three years.
All clearances
Builders often attract buyers with huge discounts and pre-launch offers. And, the buyer, enticed by the offers, does not bother about the clearance. But, due to delays in getting clearance, the buyer does not get the flat on time. This bill ensures that developers get all the clearances before selling flats.
Proper Structure
If the buyer finds any structural deficiency in the development of the building, then it is the developer’s responsibility to repair structural defects up to 5 years.
No Advertisement without RERA Registration
Promoters are not permitted to advertise any project without RERA registration with the Real Estate Regulatory Authority established under this Act. Additionally, each advertisement has to carry the RERA registration number.
Booking Amount
The amount to be paid by the buyer has been reduced from 20% to 10%, which should be paid only after registering the agreement for sale with the builder. Termination of the agreement is permitted only if the buyer defaults on payment thrice. The Buyer is entitled to a 15-day notice.
Team Legal has expert lawyers for RERA registration. Our dedicated lawyers handle RERA registration for promoter, projects and Agents in Noida, Delhi & Gurgaon. For any queries related with RERA registration kindly call Team Legal on 0120-413086.