RERA Case Study: RRA Impact On Promoters
RERA impact on promoters
RERA has been implemented with a prime agenda to ensure that the sales of properties are in an efficient and transparent manner. Ultimately defending the interest of consumers, RERA has established a mechanism for every category and department of the sector. The builders are the base of the real estate sector as they bridge the gap between the construction ability and the buyers need. RERA which ushers in transparency, accountability and efficiency in the sector, has impacted developers in many ways. While we wish that the buyer should not experience delays, of any nature, the developers have to fall in line by sharing all information as required by the authority. The information should then accessible online and finally, a robust feedback mechanism has to be designed between the authority, the promoter and the buyer.
In this article we bring to you the highlights of the RERA …show more content…
For all the ongoing projects the promoters have a deadline of 31st July, 2017 to get their ongoing projects registered with RERA. The promoter will be barred from advertising, marketing, selling, or even inviting any prospective customer to purchase any property without registering the real estate project with RERA.
3. The booking procedure will be completely revised under RERA. Crucial information like the stage wise time schedule of completion of the project (including every provision like water, sanitation, etc.) will have to be shared with the buyer. In fact, at the time of booking itself, the promoter will have to issue the allotment letter which contains all the above stated information.
4. Every advertising collateral will have to carry the registration number of the project. The registration number will be obtained only after the project gets registered. For all kinds of advertising or promotion, the details like the developer’s background, projects launched by the developer in the past five years, the status of the on-going project has to be
RERA has been implemented with a prime agenda to ensure that the sales of properties are in an efficient and transparent manner. Ultimately defending the interest of consumers, RERA has established a mechanism for every category and department of the sector. The builders are the base of the real estate sector as they bridge the gap between the construction ability and the buyers need. RERA which ushers in transparency, accountability and efficiency in the sector, has impacted developers in many ways. While we wish that the buyer should not experience delays, of any nature, the developers have to fall in line by sharing all information as required by the authority. The information should then accessible online and finally, a robust feedback mechanism has to be designed between the authority, the promoter and the buyer.
In this article we bring to you the highlights of the RERA …show more content…
For all the ongoing projects the promoters have a deadline of 31st July, 2017 to get their ongoing projects registered with RERA. The promoter will be barred from advertising, marketing, selling, or even inviting any prospective customer to purchase any property without registering the real estate project with RERA.
3. The booking procedure will be completely revised under RERA. Crucial information like the stage wise time schedule of completion of the project (including every provision like water, sanitation, etc.) will have to be shared with the buyer. In fact, at the time of booking itself, the promoter will have to issue the allotment letter which contains all the above stated information.
4. Every advertising collateral will have to carry the registration number of the project. The registration number will be obtained only after the project gets registered. For all kinds of advertising or promotion, the details like the developer’s background, projects launched by the developer in the past five years, the status of the on-going project has to be