Background of RERA:
The Real Estate sector in India has witnessed undue delays in completion of projects, frauds and malpractices by certain builders and brokers leading to a huge rise in complaints and cases before the Government and various Courts in India.
The Real Estate (Regulation and Development) Act, 2016 (‘RERDA’), was passed by the Parliament in March 2016 and made effective from 1st May 2016 for the sole purpose of safeguarding the interest of the buyers as well as regulate the real estate Sector in India. The said Act has prescribed for every State/UT to make rules in this regard. However, few of the States/UT have made the rules.
RERDA has prescribed for every State/UT Government to establish Real Estate Regulatory Authority (‘RERA’) within 1 year from the date it has been made effective in India i.e. till 30th April 2017. However, some of the State Government are yet to constitute RERA or prescribe Rules under RERDA.
The objective of RERA – The primary objective of the RERA is to generate faith and confidence of the stakeholders whether promoters or buyer in Real Estate Sector. Some of the important objectives of RERA are –
- To establishing a Real Estate Regulatory Authority (RERA) for the sole purpose of regulation in real estate.
- To provide transparency and grievance system in Real Estate Sector
- To protect of right of buyers
- To establish the authenticity of promoters, real estate project and real estate agents
- To curb on unnecessary delay in approval of project, delivery of project etc
- To Set up appellate System for grievance redressal system
- To bring confidence in real estate sector
- To prescribe the penalties for defaulters
Our RERA team is led by professionals who have versatile experience in real estate sector. We provide complete end to end RERA consulting. Our Services include-
- Registration of real estate projects under RERA
- Registration for Real Estate Agent under RERA
- Compliance under RERA
- Application for resolution of Grievance under RERA
- Advisory services related to structuring of project, analyzing financial viability of the project and preparation of financial projections for the project
- Issue of ‘Certificate by Chartered Accountants (CA)’ for withdrawal of funds for utilization in proportion to % of completion project
- Representation Services/ Litigation support
Our team of experts provides a complete range of litigation support services, including:
- Developing and implementing strategies for quick resolution of issues.
- Representation before Indian tax authorities and various appellate forum such as Commissioner (Appeals), Appellate Tribunals.
- Assistance in preparation and representation of case before High Courts and Supreme Court of India
- Assistance and representation in relation to the Advance Rulings