Registration Intricacies under RERA

Abstract

The precedents of RERA regime depicted that there was no real estate regulator to bind the builders/developers, thus making them negligent towards their responsibilities for buyers. Quality was compromised, funds were diverted and delays were uncontrollable and above all the buyers did not have a specific landing resort where they could go to get their grievances addressed. 

 The Real Estate segment has been a rebellious sector lacking control. The consumer complaints had shelter under Consumer Protection Act, however there was no specific legislation for early redressal of complaints in the Real Estate Sector. Real Estate is a mammoth industry, where the affluent players have a high leverage over the buyers. The need to directly control and organize the project life cycle gave birth to RERA in India.

The project life cycle constitutes various stages. It begins with approvals for commencement of the project and its registration with the regulating authority. Section 3 of the Act dictates the requirement of registration under RERA. This article covers all aspects related to registration.