What is RERA Advisory?
RERA Advisory is a unique application for the real estate sector, intended to establish an authority that works for the benefit of consumers or buyers in this particular sector. It also reveals important issues that have caused concern in the past, such as the timely delivery of housing projects and the quality of construction.
What is the RERA Act?
The Real Estate (Regulation and Development) Act, 2016, (RERA) came into force on 01 May 2016. The RERA Act was enacted to bring accountability, transparency and trustworthiness to the real estate sector. Due to this Act, it is now mandatory and mandatory not only for all real estate projects but also for real estate intermediaries and agents to register them under this Act.
Furthermore, RERA also contains significant ties for non-compliance. Also, all parties are now given various legal rights, i.e. access to the appropriate authorities to resolve grievances in case of any non-compliance.
What are the objectives of the RERA Act?
The primary objective of RERA 2016 is to build trust and confidence in all stakeholders, whether real estate buyers, developers or promoters. The following is a list of important objectives of RERA:
Establishment of a regulatory authority called the Real Estate Regulatory Authority for the regulation and administration of real estate.
Bringing transparency, accountability and grievance redressal mechanism in the real estate sector.
Properly protect and secure buyers.
Verification of the authenticity, professionalism and authenticity of promoters, developers and real estate agents, not just in the relevant real estate project.
Minimize unnecessary delays in project approval and project submission etc.
Establishment of an appeal mechanism for grievance redressal machinery.
To build trust in the real estate sector
Imposing ties and imprisonment on those who fail.