RERA Rules & Regulations vis-a-vis Roles & Responsibilities

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RERA is aimed at bringing about the following:

  • Promotion and regulation of the realty sector in India, as it is the most unregulated dominant sector;
  • Inducing efficacy and transparency in all the real estate transaction as these are largely opaque and not subject to close scrutiny;
  • Protection of the interest of the buyer/end-user as he has always remained at the receiving end; and
  • Establishing a speedy dispute resolution system sites for sale in sarjapura

RERA has delineated detailed roles and responsibilities/obligations/duties of promoters / developers, buyers/end-users, brokers/agents and the regulatory authority.

Promoter’s/Developer’s Responsibilities/Duties/Obligations

All under-construction or ongoing projects at present need to be registered by July 31; however, there is no cause for worry as long as the project application has not been rejected plots in sarjapura

Marketing and promotion of under-construc.tion or ongoing projects can continue until July 31. By July 31, the application has to be filed and activities can continue after July 31 as long as the application is not rejected by the regulatory authority sites for sale in sarjapura

The efficacy and fitness of the promoter/developer is subject to monitoring under RERA; for this at the time of registration of a project, the application need to state details of the projects launched during the previous years.

As per the online application’s proposed requirement, the promoter/developer is to provide the details of architects, contractors, and engineers as well as others involved in the development of the project.

The promoter/developer is expected to disclose any encumbrances applicable to the project property. They should indicate the role of the land owner and designate him as a co-promoter site  for sale in sarjapura

Promoters/developers are required to mention the web address of RERA prominently on all its project literature, promotional literature and publicity campaigns.

Promoters/developers are required mention the registration number obtained while registering the project with RERA web portal, in all its advertisements and publicity literature.

Promoters/developers are required to form the society of allottees within three months when 51% of allottees have booked and to give conveyance to the society/association.

RERA requires that the promoters/developers open a separate account for each project in a scheduled bank and deposit at the least 70% of the proceeds of the project and withdraw from this account any monies only for the purpose of the expenditure in the specified project after obtaining the consent of the engineer, architect and chartered accountant to prevent any siphoning-off of funds for disallowed purposes site for sale in sarjapura road

RERA also requires that the promoters/developers obtain the express consent of the allottees for changing any part or whole of the project plan.

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