The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which was encated to protect home buyers as well as boost investments. The Act makes it mandatory to establish Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector as well as act as an adjudicating body for speedy dispute redressal.
The bill was proposed during early years of BJP government and was passed by the Rajya Sabha on 10 March 2016 and thereafter by the Lok Sabha on 15 March 2016. The Act initially came into force on 1 May 2016 with 59 of 92 sections notified. The remainining provisions were notfied in 2017 and effectively it came into force on 1 May 2017
How will RERA impact home buyers
Some of the important compliances are:
- Informing allottees about any minor addition or alteration.
- Consent of 2/3rd allottees about any other addition or alteration.
- No launch or advertisement before registration with RERA
- Consent of 2/3rd allottees for transferring majority rights to 3rd party.
- Sharing information project plan, layout, government approvals, land title status, sub-contractors.
- Increased assertion on the timely completion of projects and delivery to the consumer.
- An increase in the quality of construction due to a defect liability period of five years.
- Formation of RWA within specified time or 3 months after majority of units have been sold.
GANPATI INFRATECH is registered under RERA:
All our on-going projects are registered under RERA:
- GANPATI ESTATE : RERA REGN. NUMBER: UPRERAPRJ8593
- SIDDHI VINAYAK PREMIUM APARTMENTS : RERA REGN. NUMBER: UPRERAPRJ8252
- RIVER VIEW APARTMENTS : RERA REGN. NUMBER: UPRERAPRJ8523
Click on the links to view our RERA details
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