What is meant by RERA-approved property?
The Real Estate Sector is one of the most crucial sectors driving economic growth and providing employment to the citizens of India. Yet, it has traditionally been plagued with numerous issues including opaque practices and information asymmetry. Real Estate transactions were lopsided and leaned heavily in favour of developers. Delays were rampant and homebuyers usually did not have a reliable forum to address their grievances.
All the above issues have been addressed in RERA.
Now, No promoter shall advertise, market, book, sell offer for sale, or invite persons to purchase any project without registering the real estate project with the Real Estate Regulatory Authority. Promoter of ongoing real estate projects, in which all buildings as per the sanctioned plan have not received a Completion Certificate, shall also be required to be registered for such phase of the project which consists of buildings not having occupation or completion certificate.
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If any promoter fails to register as per the Act, he shall be liable to a penalty which may extend up to ten per cent of the estimated cost of the real estate project.
Apart from Registration, the promoters shall be required to provide quarterly updates on the project's status to the authority.
Any aggrieved person may file a complaint with the Authority concerning any registered real estate project, for any violation or contravention of the provisions of this Act or the rules and regulations.
In a nutshell, RERA act aims to transform the Real Estate Sector, leading it into an era of greater transparency and professionalism, wherein all stakeholders’ interests are protected and trust and confidence are established.
so if you are not purchasing an approved project, authorities will ask you why you have a deal in non-registered projects and may face financial and legal obligations.
