RERA - Real Estate (Regulation and Development) Act

Introduction to RERA

The Real Estate (Regulation and Development) Act, 2016 (RERA), is a landmark legislation introduced by the Indian government to bring transparency, accountability, and efficiency to the real estate sector. RERA aims to protect the interests of homebuyers and promote fair practices in the real estate industry.

Key Features of RERA

1. Registration of Projects:

  • All residential and commercial projects in Gurgaon must be registered with the Haryana Real Estate Regulatory Authority (HRERA) before they can be advertised or sold.
  • Developers must provide detailed project information, including land status, layout plans, schedules, and details of contractors and architects.

2. Project Transparency:

  • RERA mandates that developers share regular updates on project progress.
  • All project-related information must be available on the HRERA website for public access.

3. Protection of Buyers:

  • Developers cannot demand more than 10% of the property’s cost as an advance before signing a sale agreement.
  • Funds collected from buyers for a specific project must be kept in a separate escrow account, with 70% of the money used only for construction and land costs.

4. Timely Project Delivery:

  • Developers are required to adhere to the timelines committed to buyers. Delays can result in penalties, and buyers can seek compensation.
  • Buyers can withdraw from the project and receive a full refund with interest if the developer fails to deliver the project on time.

5. Grievance Redressal:

  • RERA has established a fast-track dispute resolution mechanism. Buyers can file complaints against developers for any violations of the act.
  • HRERA addresses complaints and enforces compliance.

6. Developer’s Liability:

  • Developers are liable for structural defects and poor workmanship for five years from the date of possession. They must rectify any issues within 30 days at no extra cost to the buyer.
Benefits of RERA

1. Enhanced Buyer Confidence:

  • RERA aims to bring transparency and accountability to the real estate sector, boosting buyer confidence and trust.

2. Standardization of Practices:

  • The act promotes fair practices and reduces malpractices, leading to a more standardized approach to real estate transactions.

3. Clear Title and Legal Due Diligence:

  • Developers must ensure clear titles of the property and provide all necessary legal approvals before selling.

4. Transparency in Advertising:

  • All promotional materials must adhere to project details filed with RERA, ensuring no false claims or misleading advertisements.
HRERA – Haryana Real Estate Regulatory Authority

Website: HRERA Official Website
Contact Information:

  • Phone: [Contact Number]
  • Email: [Contact Email]
How to Verify a Project Under HRERA
  1. Visit the official HRERA website.
  2. Search for the project using the project name or registration number.
  3. Verify the project details, including land status, approvals, and developer information.
  4. Check for regular updates on project progress and completion status.
Frequently Asked Questions (FAQs)

What is RERA?
RERA stands for the Real Estate (Regulation and Development) Act, 2016, which aims to regulate the real estate sector and protect homebuyers.

How does RERA benefit homebuyers?
RERA ensures transparency, accountability, timely delivery, and protection of homebuyers’ interests.

How can I file a complaint under RERA?
You can file a complaint on the HRERA website or contact HRERA directly for assistance.

What information can I find on the HRERA website?
You can find project details, developer information, project status updates, and grievance redressal mechanisms.

What are the penalties for non-compliance with RERA?
Penalties can include fines, compensation to buyers, and in severe cases, imprisonment for developers.

Useful Resources
Customer Testimonials

“RERA has significantly boosted my confidence in real estate investments. The transparency and accountability it brings are unmatched.” – Rohit Sharma

News and Updates

Stay updated with the latest news related to RERA regulations and implementations. Read More

Interactive Tools

HRERA Project Search Tool: Search for RERA-registered projects directly from our website.
Complaint Filing Assistance: Guidance on filing complaints and links to the HRERA complaint filing process.

Disclaimer

The content provided on this website is for informational purposes only and does not constitute an offer to avail any service. The prices mentioned are subject to change without prior notice, and the availability of properties mentioned is not guaranteed. Please refer to the official HRERA website for the most accurate and up-to-date information.

Conclusion

RERA is a significant step towards organizing the real estate sector in Gurgaon, ensuring that the interests of homebuyers are protected. By enforcing stringent regulations and promoting transparency, RERA aims to create a more reliable and trustworthy environment for real estate transactions.

For more information, visit the official HRERA website or contact our support team for assistance.