What does real estate mean?
This question often arises in the mind of common citizens, which areas come under real estate and which industrial units are included in it?
In fact, Real Estate is known as an area which represents immovable property or property, now it includes all types of plots, land, houses, shops, buildings, multi-storey, developed colonies, or undeveloped colonies. All are included, in a way Real Estate is the property attached to the land, Real Estate is an English word, which means in Hindi – land property, immovable property,
At present, according to the increasing population, the importance of real estate sector has increased a lot. It has become the most and quickly profitable sector. Real estate not only plays an important role in the economy of the country but also provides employment to a large section of the society. As the lifestyle of the citizens is improving, the value of this sector is also increasing rapidly.
There are some important players who play their role in the real estate sector, like property brokers, builders, colonizers, architects, land owners, and some government departments, like Town & Country Office, Corporation etc. for Approved Project of MP Click here
How many types of real estate are there?
There are mainly four types of real estate.
- Residential real estate thus includes all types of residential units which include an individual building, residential colony, and populated area.
- Commercial: This type of real estate is for commercial purposes, which means that the objective here is to earn money. This includes a shop, market, shopping malls, etc.
- Industrial This type of real estate has one thing in common with commercial real estate: the purpose of earning income but it includes large industrial, factory, and production units.
- Land, under this type all types of land, which includes non-agricultural, undeveloped, and developed land.
If we look at the experience of the last 15 years, there has been maximum growth in the residential type in the real estate sector. Developed and well-equipped townships have emerged, not only in the country but in all the developed countries of the world. Real estate is a big sector. It has emerged as a field of business, hence big scams and frauds have also taken place in it. Based on all this experience, a regulator has been established in our country to control this sector, which is named as RERA law. Has gone
RERA
Barring a few, almost all states in India have established State Real Estate Regulatory Authorities (RERA) to regulate the real estate sector in the state, such as UP RERA, RERA Gujarat, RERA Karnataka, RERA Rajasthan and RERA Maharashtra. , Other.
Why is RERA registration necessary?
The objective of the RERA Act is to protect the rights and interests of consumers and promote uniformity and standardization of business practices and transactions.
What is RERA and its benefits?
RERA, or the Real Estate Regulatory Authority, has become a game changer in the Indian real estate market. Being a regulatory body that ensures transparency, accountability and security of property buyers, it plays a vital role in protecting the rights of stakeholders at every stage of the home-buying process.
What is RERA registration?
RERA registration brings transparency in these contracts and benefits all parties to the transaction. It also brings accountability by reducing the chances of delays in real estate contracts.
What is the purpose of RERA Act?
Real Estate (Regulation and Development) Act 2016 (RERA) is a law, which was passed by the Indian Parliament. The objective of RERA is to increase investment of customers in the real estate sector and protect their interests.
How to do RERA registration?
Under the RERA registration process, the builder has to visit the state RERA website and select the project or registration tab as per the state RERA project site. After selecting the required tabs, click on Project Registration and fill the required details. Once all the details are added, pay the RERA registration fee and submit the application.
When did RERA come into effect?
About RERA Karnataka
All sections of the RERA law came into effect from May 1, 2017. Under the RERA Act, the Karnataka Real Estate Regulation and Development Rules, 2017 were approved by the Government of Karnataka and notified on July 10, 2017.
What impact will RERA have on buyers?
RERA ensures utmost transparency in every real estate transaction by making it mandatory for builders and developers to provide timely, accurate and comprehensive information about the project so that buyers can make an informed decision while purchasing any property.Approved Project of MP Click here
RERA Full Form: What is RERA law?
RERA (Real Estate Regulatory Authority) was established under the Real Estate (Regulation and Development) Act, 2016 with the objective of regulating the real estate sector and solving the problems of home buyers. Its objectives are as follows:
- To protect the interests of the allottees and ensure their accountability.
- To ensure transparency and reduce cases of fraud.
- To implement standardization and bring professionalism across India.
- To disseminate correct information among home buyers and sellers.
- Putting greater responsibilities on both builders and investors.
- Enhancing the credibility of the real estate sector as well as thereby enhancing confidence among investors.
For a long time, home buyers had been complaining that real estate transactions were one-sided and mostly in favor of developers. The objective of RERA and the government's model code is to ensure fair and fair transactions between sellers and buyers of property in the mainstream market. It is expected that RERA will make purchasing of real estate easier by bringing in better accountability and transparency. Also, the provisions of the states will not weaken the spirit of the central law. RERA is the first regulator of the Indian real estate industry. Under the Real Estate Act, it has been made mandatory that all the states and union territories will form their own regulators and rules according to which the functioning will take place.Approved Project of MP Click here
RERA registration in states and union territories by November 2021
| State / Union Territory | Projects registered till December 2020 | Registered Agents |
| Andhra Pradesh | 1,321 | 119 |
| Bihar | 939 | 317 |
| Chhattisgarh | 1,194 | 512 |
| Goa | – | – |
| Gujarat | 7,791 | 1,353 |
| Haryana | 420 | 1,398 |
| Himachal Pradesh | 71 | 66 |
| Jharkhand | 433 | 4 |
| Karnataka | 4,474 | 2,478 |
| Madhya Pradesh | 2,822 | 738 |
| Maharashtra | 27,762 | 26,620 |
| Odisha | 405 | 48 |
| Punjab | 974 | 2,162 |
| Rajasthan | 1,395 | 1,816 |
| Tamil Nadu | 736 (only in 2020) | 500+ |
| Telangana | 2,417 | – |
| Uttar Pradesh | 1,523 | 4,188 |
| Uttarakhand | 139 | 83 |
| Andaman and Nicobar Islands | – | – |
| Dadra and Nagar Haveli | 96 | 2 |
| Delhi (National Capital Region) | 18 | 70 |
RERA Law: RERA Approval and its Benefits
Some important compliances are:
- Informing allottees about any additions or changes.
- Any addition or change will require the approval of 2/3rd of the allottees.
- No launch or advertisement will be done before registration in RERA.
- If majority rights are to be transferred to a third party, 2/3 consent will be required.
- Sharing project plans, layouts, government approvals and land title status and sub-contractors information.
- Emphasis will be laid on ensuring that the project is completed on time and handed over to the customers.
- Enhanced construction quality with a five-year defect liability period.
- Formation of RWA after a specific period of time or after enough flats have been sold.
The most positive aspect of this law is that it provides a unified legal regime for the purchase of flats, apartments, etc., as well as standardizes it across the country. Now let us tell you about the main points of this law:
Establishment of Regulatory Authority: There was a long standing need for a proper regulator for real estate (like the Securities Exchange Board of India for the capital market). Under this law, Real Estate Regulatory Authority will be formed in every state and union territory. Its objective is to protect the interests of customers, store the data collected and create a strong grievance redressal system. To avoid wastage of time, it is mandatory for the authority to dispose of the application within a maximum of 60 days. This limit can be increased only if any reason for delay is recorded. Apart from this, an appeal can be made to the Real Estate Appellate Authority (REAT).
Mandatory Registration : As per Central law, all real estate projects (where the total area to be developed is more than 500 square meters or more than 8 apartments are required to be built in any phase) are required to be registered with RERA of their state. Existing projects which have not been issued Completion Certificate (CC) or Occupancy Certificate (OC) are also required to register under this law. While registering, promoters will have to provide project information such as land status, promoter information, approval, completion time, etc. When the registration process is completed and all approvals are obtained, then the project can be marketed.
Reserve Account : The main reason for delay in projects is that after depositing money for one project, it is invested in another project. To stop this, promoters will have to keep 70 percent of the project money in a separate reserve account. The amount in this account can be spent only on land or construction works. It is also important to get it certified by a professional.
Customers will be able to see the progress of the project: After the implementation of RERA, home buyers will be able to know the progress of the project on the RERA website. The promoters will have to inform the regulator at regular intervals about the amount of work completed in the project.
Title Representation :Promoters now have to create positive warranties for the correct title and interest in the land, which home buyers can later use against them. Incorrect title must be searched. Apart from this, they will also have to obtain insurance on the title and construction of the project, the profit of which should be given to the allottee after the execution of the sale agreement.
Standardization of Sale Agreement: Under this law there is a standard model of sale agreement between promoters and home buyers. For example, promoters inserted several clauses for home buyers, which were like punishment for them, but if the promoters made any mistake, there was no penalty on them. But such clauses will now be a thing of the past and home customers will get a balanced agreement in the future.
Penalty: There is a provision for a strict penalty (10 percent of the project cost) to ensure that this law is not violated.