The Real Estate (Regulation and Development) Act, commonly known as the RERA Act, has revolutionized the Indian real estate sector by bringing greater transparency, accountability, and protection for both homebuyers and developers. Introduced in 2016, RERA aims to ensure that developers follow regulatory guidelines while protecting homebuyers from issues like delays, fraud, and poor-quality construction. With this shift, homebuyers are increasingly curious to know what is RERA approved, as it signifies a project or developer that is officially registered and complies with all necessary legal and quality standards.
RERA’s implementation has made it mandatory for developers to register their real estate projects with the authorities, leading to better standards of development. The RERA registration is compulsory for residential plots in Chennai, guaranteeing that the projects meet legal and regulatory requirements. Let’s take a closer look at What is RERA, its features, its importance for developers and homebuyers, and the process of verifying a project’s RERA status.
The Real Estate (Regulation and Development) Act, 2016, or RERA Act, was introduced by the Indian government to regulate the real estate sector, aiming at protecting the interests of homebuyers and boosting investments in the sector. The act mandates that all real estate projects with a plot size exceeding 500 square meters or eight apartments must be registered with the respective State Real Estate Regulation Authority (RERA).
As a RERA registered builder, OmShakthy Homes ensures
A RERA-approved property refers to a real estate project or developer that is officially registered with the Real Estate (Regulation and Development) Act (RERA). Offered by the Real Estate Regulation Authority of the concerned State, this certification ensures that the property meets all legal, regulatory, and quality standards set by the Act, including timely delivery, clear titles, and adherence to agreed-upon specifications.
Each state in India has its own RERA authority that governs the implementation of the act. While the central government set the broad guidelines, state governments were tasked with establishing the regulatory bodies, which ensured localized regulation and better monitoring of RERA-approved projects.
RERA approval is mandatory for developers to legally sell or advertise properties. Failure to comply can lead to hefty penalties and even imprisonment. However, there are significant benefits for developers who comply with RERA’s requirements.
Developers who fail to register their projects with RERA may face severe penalties. Non-compliance can lead to fines that range from ₹10,000 per day of default to a maximum of 5% of the estimated project cost. In some cases, imprisonment for up to three years may be imposed, along with a fine.
RERA law brings immense benefits to homebuyers by ensuring greater protection and transparency throughout the property buying process. Here’s how:
Before investing in a property, it’s important to ensure that the project is registered under RERA rules for plots. Here’s how you can verify the registration status of a project:
To check the RERA registration status online, visit the official RERA website of the state where the project is located. Each state in India has its own dedicated RERA portal. On the homepage, look for the "Project Search" or "Registration Search" option. You will need to enter details such as the project name, developer name, or the RERA registration number if available. Once the details appear, you can verify that the project is properly registered under RERA. I needed, you can download or print the RERA certificate as proof of the project's registration.
Here’s a list of RERA websites for major states in India where you can check the registration status of projects:
These websites allow you to search for the RERA registration number of any project, ensuring that the project you're interested in is properly registered and complies with the necessary regulations.
Non-compliance with the Real Estate Regulation Act can lead to severe legal consequences for developers. Homebuyers can file complaints against errant developers for issues like project delays, failure to deliver possession or poor construction quality. RERA authorities are mandated to resolve disputes within 60 days, ensuring that issues are addressed quickly.
Buyers can file a complaint with the RERA authority in their state, either through the online portal or by submitting a written application. The authority will investigate the complaint and impose penalties on the developer if necessary.
The RERA Act has significantly transformed the Indian real estate market by promoting transparency, accountability, and consumer protection. RERA registered agent adheres to legal guidelines, providing homebuyers with security and assurance regarding project quality and timely delivery. For developers, RERA registration boosts credibility and opens doors to a larger, more trustworthy market. For homebuyers, it guarantees protection from fraud, delays, and poor construction. By fostering a more transparent and secure environment, RERA benefits both developers and homebuyers, creating a real estate ecosystem built on trust and reliability.
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