Q1.What is RERA
RERA is the acronym (short-form) for Real Estate(Regulation and Development) Act, 2016. It is also used to refer to the Real Estate Regulatory Authority which, as per the Act, is required to be formed in each state and UT.
Q2.Why is RERA made? What are the objectives ? Why is it suddenly being talked about so much?
Q3.Since when is RERA applicable ?
Q4.Does it cover purchase and rental both?
Q5.Does it cover Commercial projects too?
Q6.Will RERA be applicable to existing projects also or only to the future ones?
Q7.Will it be mandatory for all builders / developers to register all their complexes under the Act?
Q8.Are there any exceptions to Registration of projects under the RERA Act?
Q9.What is the tenure or validity of registration under RERA?
Q10.What happens if the builder / developer fails to deliver during the validity period?
Q11.Can registration be extended?
Q12.Can the registration be revoked ?
Q13.Revoking of registration will adversely impact the customers. What effect will it have on the builder / developer?How will RERA ensure that customer-interests
are not harmed?
Q14.RERA will increase the formalities for the builder / developer+ customer. Will that increase the cost for the buyers?
Q15.The Act has mandated real estate developers to specify ‘carpet area’ rather than ‘super built up area’. How will that help?
Q16.Are there any restrictions on advertisements or promotions?
Q17.Can a real estate developer change plans once the project is launched or is under construction?
Q18.Can a real estate developer exit the project mid-way by selling to another developer or party?
Consumer section
Q1.What are the novel measures taken to secure consumer interest and empower him?
Q2.What are the responsibilities of a consumer?
Q3.What is an escrow account and why is RERA mandating 70% funds collected be deposited in an escrow account by a real estate developer?
Q4.What is the provision for an aggrieved person to lodge a complaint? Does he have to go through the existing judicial system?
Q5.What happens if an Appellate Tribunal is not established for a particular jurisdiction during the time of appeal?
Q6.In the above case, what will happen if the Appellate Tribunal is established during the course of hearing